Aviva Investors and joint venture partner Hammerson have instructed agent CB Richard Ellis to sell the scheme. A spokesperson for Hammerson refused to comment on the report but confirmed that the £470m North Westgate Development was still proceeding as planned.

Peterborough MP Stewart Jackson told the Evening Telegraph that the sale of Queensgate could have benefits: “The sale of Queensgate would not be a bad thing for the city if the new owners were supportive of the North Westgate development, and were able to prevent the decline of shopping in Peterborough.

“Peterborough is in competition with a number of cities, including Milton Keynes and Leicester, and we need to keep things moving in the city,” said Mr Jackson. “We are going to come out of recession at some point, and I think that Queensgate could be a good medium- term investment for a company. Peterborough has a growing population and good transport links, and I’m sure any potential buyers would be able to make a success of it.”