General election result not expected to block £48 million funding for Peterborough's Station Quarter
Public to be consulted on development plan
£48 million of government funding earmarked for the creation of Peterborough’s Station Quarter is not expected to be blocked by the outcome of the general election, it has been revealed.
Council chiefs say there is no reason to expect any impact on the funding agreement whatever the outcome of tomorrow’s (July 4) national vote.
The reassurance comes as work progresses on the completion of a full business case for the Station Quarter development which will feature the creation of a double-sided station, a state-of-the-art gateway building plus new offices, retail facilities, community spaces and better connections to the city centre.
The full business case, which will contain details about how the development will appear and be carried out, is on schedule to be submitted to government officials this autumn and will be supported by the results of a public consultation which will be carried out soon.
Approval of the full business case is essential if construction work can begin as planned later this year or in January 2025 with completion by March 2026.
A spokesperson for Peterborough City Council said: “ We have had no indication that the Levelling Up funding for this project would be impacted following the General Election.
"Following Outline Business Case approval, we are progressing with drafting the Full Business Case with our project partners the Cambridgeshire and Peterborough Combined Authority, Network Rail and LNER.
An outline business case for the Station Quarter was approved by government officials in March this year.
What is the vision for the Station Quarter?
Initial plans involve creating a new western entrance and car park – to create a double-sided station – with the entrance off Thorpe Road.
The eastern station building will be refurbished and there will be a user-friendly approach to the station with a sweeping approach from the Queensgate roundabout.
There will be a new look station area, a new taxi drop off/ pick up point, cyclist friendly roads, footpaths, landscaping and planting.
Who is paying for the Station Quarter?
Alongside the £48 million from the Department of Levelling Up, Housing and Communities, the project will get £1.8 million from the government’s Towns Fund initiative with £15.2 million of private match funding.