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£500m warehouse hub plans shelved
PLANS to build a £500 million warehouse hub on the edge of Peterborough have been shelved because of the economic downturn, The Evening Telegraph can reveal.
PLANS to build a 500 million warehouse hub on the edge of Peterborough have been shelved because of the economic downturn, The Evening Telegraph can reveal.Development company Gazeley had hoped to win approval to construct seven giant warehouses and a rail-freight interchange on land near Park Farm, Stanground, before the end of this year.
But the firm has been forced to delay the plans because of the knock-on effects of the credit crunch, and an application is now unlikely to be lodged before the middle of next year.
In a letter to the head of planning at Peterborough City Council, seen by The ET, Gazeley planning and development director Don Morgan says the suspension of work on the Stanground bypass means its Magna Park project cannot go ahead until further notice.
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Developer Persimmon began work on the road in March but has since stopped because of financial difficulties being experienced across the industry.
Mr Morgan said: "We have always stated clearly that completion of the bypass is a pre-requisite for the Magna Park development and the uncertainty over this important element is not helpful to submitting a speedy application.
"For these reasons, our original aspiration on the timetable for the planning application has now slipped and, at the current time, I cannot offer certainty as to the revised planning application submission date."
The Magna Park development has been hailed as a major boost for Peterborough's business community, with Gazeley bosses promising to create 5,400 jobs when the five-year project is complete.
However, it has come under fire from residents groups who fear it will add to the area's traffic problems and cause light and noise pollution.
John Bridge, who is chairman of urban regeneration group Opportunity Peterborough as well as chief executive of the city's Chamber of Commerce, said he would do everything possible to get the plans back on track.
He said: "I regard the development of Magna Park as a very important part of the growth of Peterborough, particularly in terms of the jobs it will create.
"I will certainly be putting my focus on trying to ensure that, if there are any particular difficulties delaying the project, we can find a way of resolving them in as timely a way as possible."
Chaairman of anti-Magna Park action group Stand Up For Stanground Chris Harper said news of the delay was a "double-edged sword" for residents.
He said: "We don't want this development but we are in favour of the bypass because Stanground really suffers with heavy traffic. It is regrettable that work on the road has stopped.
"In the meantime we will keep our ears to the ground and as soon as a planning application eventually appears for Magna Park, we will be ready to oppose it."
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