£600 million city centre regeneration plans for Peterborough showcased

Local investors, developers, businesses and stakeholders are invited to an online event 9 October, to learn about the extensive regeneration plans for Peterborough’s city centre. The event is being organised by economic development company Opportunity Peterborough in partnership with Peterborough City Council. By bringing these sites forward for investment and development, Peterborough City Council will be enabling £600 million of private capital investment as the city gears up to ‘Build Back Better’.

In spite of the disruption from COVID-19, the city is pressing ahead with plans for eight investment sites, including the new University and the Station Quarter, and several key transport and infrastructure projects that will be critical to meeting the needs of the city’s rapidly growing population.

Delegates will hear directly about the plans and the future vision for the city from Peterborough City Council with public sector backing for the city’s ambitions from the Cambridgeshire & Peterborough Combined Authority Mayor, James Palmer, and MP for Peterborough, Paul Bristow.

The conference will also cover the proposals set out in the city’s Towns Fund bid which was recently submitted to the Government. The £3.6 billion Towns Fund programme was launched in 2019. Peterborough is one of 101 Towns across the country eligible to bid for up to £25 million towards transport, infrastructure, connectivity, skills and enterprise projects. The results of the bid are expected to be announced by the government in October.

Cllr Peter Hiller, Cabinet Member for Strategic Planning and Commercial Strategy and Investments at Peterborough City Council said: “Our plans for Peterborough are truly transformative. They have had to be adapted to address challenges emerging from COVID-19 but we’re certainly not letting that stop us from being ambitious about the city’s future.

“We want to give local businesses, developers, investors, and stakeholders the opportunity to hear how the City Council, along with public and private sector partners, plans to transform the city, and to let them know how they can become involved.”

Development Sites

There are eight key development sites in Peterborough that will provide high quality residential and commercial property in the heart of the city, plus space for additional cultural and retail attractions and improvements to the public realm. As plans progress for these sites, the Council will look to secure a total of £600 million capital investment from the private sector to bring these sites to fruition.

• Station Quarter

  £300 million masterplan to reinvigorate the gateway to the city, transform visitor impressions, and boost the city as a business location. Over 5 million passengers use the station each year with annual growth originally forecast to grow 3% over the next 5 years. The partnership involves Cambridgeshire & Peterborough Combined Authority, Network Rail, LNER and Peterborough City Council.
• North Westgate

  Outline consent has been granted for a mixed-use scheme with a value of over £80m including commercial, leisure, and residential uses. North Westgate will offer excellent access to retail, cultural and leisure amenities.
• Northminster

  The £90 million vision for Northminster is to create a residential-led, mixed-use scheme with public realm enhancements. There are plans for over 150 dwellings with car parking and active ground floor uses. Peterborough Investment Partnership will take the development forward over to planning in early 2021.
• Rivergate

  Rivergate provides the opportunity for a new and enhanced gateway into the city centre and to the Embankment and Fletton Quays. New apartments with ground floor restaurant and retail uses have been part of the discussions between the owners of the Rivergate shopping arcade and the Council.
• University

  £31 million has already been invested into the University to create a business and technology, engineering focused university with a curriculum geared towards the growth sectors in the regional economy. Anglia Ruskin has recently been selected as academic partner. Set to open in 2022, the campus will accommodate up to 12,500 students by 2035 as later building phases come forward.
• Embankment

  Peterborough United Football Club have begun a feasibility study, as it explores the chance to develop a new £50 million, 20,000 capacity-stadium incorporating conference and events centre facilities that could complement the university curriculum and the city’s cultural offer.
• Middleholme

  This 40-acre site to the east of the Embankment has scope for residential development and sports and leisure uses. The Council is working with its co-owner, Milton Estates, to bring this site to the development market.
• Fletton Quays

  Development work began on Fletton Quays in 2017. The 6.4 hectare site represents a total investment of over £120m. Four apartment blocks are being built; a new 126-bedroom Hilton Hotel has started on site; over 1000 jobs have moved to the site which is the headquarters for Peterborough City Council and CITB; and work is expected to begin shortly on a Government Hub, with HM Passport Office as anchor tenant.

Alongside the regeneration sites, Peterborough’s Towns Fund bid has five areas of focus to support the city’s sustainable growth, making it an even more attractive place to live, work and invest:

• Riverside Development and Connections, including the embankment, university, the new football stadium, and developing public realm along the riverfront, including a new footbridge.
• New and improved visitor and cultural attractions, including the new library and cultural hub at TK Maxx’s current premises, a national Bronze Age museum, and an Olympic grade climbing facility at Nene Park
• Station Quarter – enhancing visitors’ first impressions of the city and increasing commercial space for businesses that want rapid connectivity to London.
• Enterprise and skills infrastructure, including developing green tech skills in construction and automotive industries, and enterprise training and business incubation hubs.
• Future Green City – enhancing the public realm environment from the train station to the city centre and reducing road traffic with digital delivery systems, encouraging public transport, implementing green spaces and cycle lanes.

The Investor event will run 10.00am-12.00pm on 9 October 2020 via Zoom. Delegates who register for the event will receive a link to join the meeting directly. Attendance is free of charge.

To register, email: . To find out more about Peterborough’s growth plans, visit investinpeterborough.co.uk