Whitworth Mill in Peterborough which stands on the banks of the River Nene, is set to be sold to Bedford-based property development company Samsons. The company, which was one of four bidders, made the highest unconditional offer for the mill and its surrounding land.
The mill occupies about 22,642 sq ft over four floors and sits on a 1.41 acre site and was put on the market by Peterborough City Council in October last year. A report to councillors states that Samsons plan to use part of the Mill building as a company office for up to 15 staff.
It also intends to develop a boutique hotel on the upper floors and seeks to pursue arts related uses on the ground floor with an area of external space used as an arts performance space.
The company has set out proposals for the surrounding site and intends to build four blocks of a similar height to Whitworth Mill with boutique hotel uses on the upper floors and A3 restaurant, food court space on the ground floor.
The decision to sell the Mill and surrounding land has still to be approved by councillors. If approval is granted, the developer will then need to submit a detailed planning application within 18 months of exchange of the sale contract with construction to be completed within three years of exchange.
The council received more than 50 inquiries about the sites leading to seven expressions of interest from prospective bidders and four formal bids.
The council will receive a capital receipt of £1.1 million with a 10 per cent initial deposit and the balance on exchange of contracts.
Councillors will be told that the Mill is difficult to develop because of building conservation constraints, floor levels that do not make residential conversion easy and ecological constraints including the use of void space under the building by nesting bat colonies.
The developer will be required to part fund the cost of installing a new electricity substation and will also need to ensure that the public realm space around the building is of a good standard, complementing the investment that has already been made in the public realm space around Sand Martin House. If the development is approved and completed it will end a 30 year wait to regenerate Fletton Quays.
A report to councillors states that Samsons plan to use part of the Mill building as a company office for up to 15 staff.
It also intends to develop a boutique hotel on the upper floors and seeks to pursue arts related uses on the ground floor with an area of external space used as an arts performance space.
The company has set out proposals for the surrounding site and intends to build a four blocks of a similar height to Whitworth Mill with boutique hotel uses on the upper floors and A3 restaurant, food court space on the ground floor.
The decision to sell the Mill and surrounding land has still to be approved by councillors. If approval is granted, the developer will then need to submit a detailed planning application within 18 months of exchange of the sale contract with construction to be completed within three years of exchange.
The council received more than 50 inquiries about the sites leading to seven expressions of interest from prospective bidders and four formal bids.
The council will receive a capital receipt of £1.1 million with a 10 per cent initial deposit and the balance on exchange of contracts.
Councillors will be told that the Mill is difficult to develop because of building conservation constraints, floor levels that do not make residential conversion easy and ecological constraints including the use of void space under the building by nesting bat colonies.
The developer will be required to part fund the cost of installing a new electricity substation and will also need to ensure that the public realm space around the building is of a good standard, complementing the investment that has already been made in the public realm space around Sand Martin House.
If the development is approved and completed it will end a 30 year wait to regenerate Fletton Quays.
Image: Photo by © Bob Laughton
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