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Investors now being sought for multi million pound revamp of Peterborough Train Station

Investors are now being sought for ambitious plans to revamp Peterborough Train Station and the land surrounding it, to create a new gateway into the city centre.

The multi-million pound project, which is thought will cost around £43million, will include an office hub to attract businesses and public sector organisations relocating from London, a revamped train station, a shopping plaza and coffee shops, housing and restaurants.

Also on the cards is a footbridge across the tracks leading to a second car park to the west of the station, which will reduce traffic entering the city centre. It is estimated this will reduce traffic levels on Bourges Boulevard enabling improved pedestrians access into the city centre. A blend of new and old is envisaged for the new development, with The Great Northern Hotel and the refurbishment of several Grade II listed railway buildings key to the plans.

Peterborough City Council is already in talks with both public and private sector investors to fund the scheme, which will deliver a much improved first impression of the city for visitors arriving by train, as well as attracting thousands of extra jobs and annual income from business rates and council tax created by additional office space, retail, food and housing.

The Station Quarter masterplan is a partnership between the City Council; the Cambridgeshire and Peterborough Combined Authority, LNER, and Network Rail. An investors conference is being planned for the spring to promote the exciting plans for the Station Quarter and the City Centre more widely in the Investment Prospectus.

This sets out a £500million transformation of the whole of the city centre on a scale similar to how the Peterborough Development Corporation kick-started Peterborough’s growth as part of the Government’s New Towns in the 1960s.

The next stage will be a detailed business plan to be worked up for the Station Quarter and each separate element of the city centre framework, which would then be costed up to enter the planning stages. Each element is already designated for use in the city’s Local Plan.

Councillor John Holdich, leader of Peterborough City Council, said: “The time is now for Peterborough. Our city is thriving and the Council is ready to work with investors and our communities to drive forward the next stage in Peterborough’s growth. Peterborough is a great place for investors to choose. As an example, our office space is £15 per square foot, compared to £73 in London.

“Rather than doing this piece by piece, we have created a clear vision which shows what we want to achieve to make our city an even better place to work, live and play for the next 50 years. We need this clear aim to make sure that residents get a good deal and we get the very best for Peterborough.”