The office property, thought to date from the early 1800's, is believed to have originally been built by the Clergy as a single dwelling house, but has latterly been used as office space. The building has been sold to a local investor and developer, who, it is believed, intends to convert the building to residential use once again.
Julian Welch, Director at Barker Storey Matthews Peterborough office, who acted for the vendors, 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."
"Other examples of this include the former Buckles offices on Priestgate which were converted and extended by Cross Keys Homes to provide new housing, Wentworth House which is in the process of being converted to residential, The Hereward Cross Tower, part of Nw Priestgate House, and of course the former Land Registry Building at Touthill which we have also recently sold for residential conversion into 136 apartments. In fact, we estimate that around 500,000 sq ft of offices in Peterborough have been lost recently to residential development, which is a direct result of relaxed planning requirements for change of use in this way."
He added, "There is however a desperate need for additional housing in Peterborough and the current drive for city centre housing is proving highly supportive of Peterborough's retail and leisure industries."