£65m Peterborough Station Quarter regeneration to get moving after Government backing

£65m Peterborough Station Quarter regeneration to get moving after Government backing

The Government has green lighted funding for the regeneration of Peterborough Railway Station and surrounding land, unlocking £48 million to begin delivery of a new, accessible and attractive gateway to the city.

The Department for Transport (DfT) has formally approved the Combined Authority’s Full Business Case for the Peterborough Station Quarter project, being developed in partnership with Peterborough City Council.

Approval marks a major milestone in transforming the station and surrounding area. It marks another step towards the Combined Authority’s wider plans to support Peterborough’s regeneration, grow the economy, unlock jobs and housing, improve connectivity and make the city centre more attractive for residents and visitors.

Work will begin this autumn on the first phase of works– the City Link – delivering major improvements to pedestrian and cycle access between the station and the city centre. The works will replace much of the existing Cowgate underpass with a safer, more direct, accessible and welcoming route. These works, also funded by £1.5 million from the Towns Fund, will kickstart the wider multi-million regeneration of the Station Quarter.

The first phase will see enhancements to the station itself, a new western entrance to create a double-sided station, refurbishments to station buildings on the eastern side and a new multi-story car park. The release of some space currently used for car parking on the eastern side will unlock future commercial and residential development as part of phase two.

London North Eastern Railway (LNER) and Network Rail are also project partners.

Paul Bristow, Mayor of Cambridgeshire and Peterborough, said: “This is important news, but the time for talking is over – it’s now about action.

“As the city’s MP, I fought to secure this funding, and now as Mayor, I’m determined to see it through. The Station Quarter will be a gateway Peterborough can be proud of – one that attracts investment, jobs and visitors.

“People in Peterborough now rightly expect things to happen, and I’ll be working closely with Peterborough City Council to turn plans into delivery and momentum into results. Getting Peterborough Station Quarter moving is critical to my wider plans to regenerate and revitalise the city.”

Lilian Greenwood, Local Transport Minister said: “It’s brilliant to see the redevelopment of Peterborough Station Quarter supported with £48 million from the Levelling Up Fund.

“This investment will make the station more accessible, improve walking and cycling links and provide better parking.

“I look forward to working closely with the council and local partners to deliver these improvements for the people of Peterborough.”