A new venture company has just been officially set up to spearhead the regeneration of “awkward” development sites in Peterborough, the first being Fletton Quays.
Called the Peterborough Investment Partnership, the company is a partnership between Peterborough City Council and Lucent Strategic Land Fund.
The aim is to enable the development of surplus land owned by the council.
It will have offices at Peterborough Town Hall and may employ between 11 to 50 people.
Its managing partner will be Pram Nayak.
The aim is to bring an estimated £130 million of private money into the city from organisations such as pension funds.
It will help fund projects that have proved difficult to get off the ground.
A spokesman for the partnership said: “We will help to support and sustain the growth and development of Peterborough by bringing new jobs, retail, housing and leisure facilities to the city, as well as generating funds that the council can reinvest in the community and support the services it offers.”
Lucent Strategic Land Fund is the funding partner of the Lucent Group, a specialist in land acquisition, finance, and town planning.
The first project for the partnership to deliver will be Fletton Quays - 20 acres of prime river front land.
Council leader Councillor Marco Cereste said: “This is one of the first investment and development models of its kind in the UK.
“It demonstrates the optimism our private sector partners share for the future of Peterborough.”