Poundland and Wilkos retail and residential building is up for sale

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Hereward Cross, a retail and residential property in the city centre, is up for sale (Photo: Google Maps)

The industrial development is advertised as fully let, with an array of shops, offices and residential apartments making up the full value of the property.

The net income of the property in 2018 was over £860,000 per year, with aggregate head rent passing calculated at £79,134 per year. This includes both commercial rent and residential rent.

Hereward Cross was built in the early 1960s and is held long leasehold from Peterborough City Council. The lease due to expire on July 5, 2215 - 195 years from now. It has been on the market since 2018.

The current development plans for the area - including the huge investment into redeveloping Northminster and the city's market, as well as plans for university accommodation close by - could mean big things for the value of properties in that part of Peterborough.

Tom Hennessy, chief executive of Opportunity Peterborough, said: "Northminster is one of eight regeneration sites in the city centre set to bring over £600m worth of investment to Peterborough. This is an exceptionally exciting time as these sites will bring high-quality residential and commercial spaces to the city centre. Plans for Northminster are truly transformative and make much more effective use of the space. We will be able to accommodate more businesses, address some of the housing needs of our rapidly growing population, and provide a more lively mix of retail and leisure facilities that will attract even more visitors to the city centre and incentivise them to stay for longer."