Green flag and £5m building blocks for Peterborough Station Quarter
Plans for improving Peterborough Station Quarter got fresh impetus today when members of Cambridgeshire & Peterborough Combined Authority Board voted to accept almost £48 million from the Government for the development – and approved its release to Peterborough City Council in phased £5m blocks.
Subject to the Department for Transport giving approval of the Station Quarter business case, Board members unanimously voted to accept the funding offer from the Department of Levelling Up, Housing and Communities.
In 2022, as the Strategic Transport Authority, the Combined Authority, with Peterborough City Council, made a successful bid to the Department for Levelling up, Housing and Communities, for the lion’s share of funding needed for this key Cambridgeshire & Peterborough project.
The Combined Authority won a provisional award of £47,850,000, scheduled for spending on the PSQ project between 2023 – 2026.
Subject to government approvals, the funding is now set to be released by the Combined Authority in phased stages of up to £5 million at a time, to its delivery partner and now the project lead, Peterborough City Council.
It will enable the development of the Business Cases, construction of the station and local area improvements, and provide regular updates to the Combined Authority Board each time a £5 million spend has been made from the available funding.
An outline business case and planning application will be submitted for the Peterborough Station Enhancements and Connectivity project next year. Construction work on the first phase could take place between 2024 and 2026, with wider development of the Station Quarter continuing up to 2028.