The property, which is located on the northern fringe of Peterborough City centre, is currently used as offices and extends to 1,289 sq. ft. over two floors. The property has been purchased by a local investor who, it is believed, intends to convert it back to its former residential use.
Julian Welch, Director at Barker Storey Matthews commented, "We are pleased to have been able to dispose of the premises on behalf of our clients. the purchaser's proposals to convert the building back to residential use reflect a trend that we have seen over the past 12 months, where several city centre office buildings have been converted to dwellings."
"Current relaxations in planning policy allowing conversion from offices to residential through Permitted Developments Rights, and without the need for a formal consent for change of use, have stimulated developments of this type as it is easier and cheaper for owners. These changes in policy are temporary however, and it is expected that the current relaxations will come to an end early next year so we are experienceing high demand for this type of property at present."