Winner chosen in March Barclays Bank site bidding process

The council's cabinet discussed the four expressions of interest received through the bidding process, jointly run on behalf of Fenland by Maxey Grounds and BTG Eddisons, at its meeting on Monday.

A report to the meeting explained the demolition work, halted earlier this month when a hidden wall was discovered that adjoins the Sharman Quinney premises in Broad Street.

It said: "The demolition work is due to conclude shortly, and final rectification works to adjoining properties whose existing gable walls have been exposed will then be undertaken under the overarching implementation of a Party wall Agreement as required under the terms of Party Wall Act 1996."

The former Barclays Bank site in March Broad Street was sold using the best and final offer method. (Image: Maxey Grounds)

The winning bid was decided in a private part of the cabinet's meeting, and the amount offered has not been made public.

A council spokesperson said: "The winning bid was selected on the basis that their offer met best value requirements, but further details cannot be released at this stage as completion of the sale is subject to agreement of final terms and remains commercially sensitive.

"To ensure timely redevelopment and avoid land banking, the successful purchaser will be required to submit a full planning application within six months of completion and begin work within six months of gaining planning consent.

"While final uses for the site will be determined through the planning process, early indications suggest interest in a mixed-use scheme, with retail at ground level and flats above."

The former Barclays Bank site in March Broad Street was sold using the best and final offer method. (Image: Maxey Grounds)

Before councillors voted to go into a secret session to discuss the bids, there was a brief discussion about the general bank project.

Cllr Steve Count said: "This is a hugely successful project. This is good for the town of March; there are still people who believe this is bad. This has changed. It's not exactly delivered what they wanted, but they are outnumbered.

"From my personal experience, people talk to me now, and the vast majority say this was a success.

"We've got this one part that's left, and for some people, again want to be naysayers, but when it's finished, that final part of the jigsaw overlooking the river that we can now see will be a great boon for March.

"I'm very proud to have been associated with this, and I look forward to it reaching completion, and I think that the vast majority of people in March now hold a similar view, that they're glad that we undertook this work and it's been done."

He then suggested that any money from the sale to the site should be spent on projects in March.

A report before the meeting said the council had received four expressions of interest in the site, with two confirmed offers received by last month's deadline.

The disposal of the site forms part of the wider March regeneration programme, delivered with support from the Government's Future High Streets Fund.

The former bank was purchased with grant funding in 2023 for £750,000, and consent for demolition was granted, against the officer's recommendations, last summer.

The cost of demolishing the building, dubbed the "ugliest" in March, was £371,000.

The site was then marketed through the best and final bidding process with an asking price of £295,000, which meant the council was looking at a loss of £826,000 overall.

However, the council's leader, Cllr Chris Boden, has previously defended the decision, stating that the project was never about making money.

But the council would be receiving some money from the sale, and therefore, it was a successful scheme.