A company involved in demolishing earthquake-damaged buildings in Christchurch has come to the rescue of the heritage-listed Peterborough Centre.
Built in 1930 in the gothic revival style, the former Teachers' Training College was most recently converted into apartments before being badly damaged in the February 2011 earthquake.
Now the United States-based demolition and construction company, Ceres, has stepped in and is promising to preserve and restore the building.
It's across the road from the heritage listed Cranmer Court building, which was demolished after a last ditch effort to save it fell through.
A Christchurch heritage advocate is welcoming the purchase of the historic Peterborough Centre.
Chair of the Canterbury Earthquake Heritage Buildings Fund Trust Anna Crighton says she is thrilled the building will be saved.
She says it will serve as an important reminder of the city's history, now that many of its other symbols have disappeared.