The UK government has approved the Full Business Case for the 拢47.8m ($63.6m) regeneration of Station Quarter in Peterborough.
This project, which includes the city’s railway station and surrounding land, is set to enhance transport connectivity and public spaces in the city.
The approval follows the submission of the Full Business Case in March this year.
The funding allocation is pending the government鈥檚 forthcoming Comprehensive Spending Review.
Once confirmed, construction on the project’s first phase, known as 鈥楥ity Link鈥�, is scheduled to begin in late 2025.
This phase will create a pedestrian and cyclist route between the station and the city centre, replacing the current underpass at Cowgate with a direct link.
US Tariffs are shifting - will you react or anticipate?
Don鈥檛 let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe Station Quarter project is supported by the Peterborough Combined Authority, Peterborough City Council, London North Eastern Railway, and Network Rail.
The project also includes a new western entrance to the station, a multistorey car park on the station’s west side, and refurbished station buildings on the eastern side.
New public spaces, improved street design, and flood risk reduction measures have also been planned.
Future phases of the project aim to unlock land for new homes, jobs, and commercial development, a release said.
This will involve replacing some existing surface-level car parking with mixed-use regeneration.
Peterborough City Council growth and regeneration cabinet member and councillor Nick Thulbourn said: 鈥淭he approval of the Station Quarter project is a monumental achievement for Peterborough and I鈥檇 like to thank all those involved for their hard work to get to this point.
“This project will transform the station area into a vibrant gateway, enhancing connectivity and accessibility for residents, business and visitors. I鈥檓 looking forward to seeing the positive impact this development will have on our city.鈥�
Meanwhile, this February, Homes England and the Cambridgeshire & Peterborough Combined Authority launched a Strategic Place Partnership to enhance their alliance on housing and regeneration projects.
This initiative aligns with the UK government鈥檚 plans to deliver 1.5 million new homes over the next five years.
