Bellway has acquired the 13.5-acre site, which lies to south of Oundle Road and to the north of the showground and was granted outline planning permission by Peterborough City Council in September 2019.
The housebuilder is now finalising its detailed plans for the development for submission to the local authority.
The scheme will benefit from two areas of public open space, to the west and north-east of the site, while the landscaping strategy will include the retention of trees to protect the neighbouring conservation area and listed building.
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Phil Standen, Managing Director of Bellway Eastern Counties, said: “The land we have acquired south of Oundle Road has already been approved for housing and we are looking forward to working with the local authority to finalise our detailed plans for this new development.
“There’s a growing need for new homes in Peterborough and our development, just four miles from the city centre, will help to meet this demand.
“We will be providing a mix of high-quality homes to suit people in a range of circumstances, alongside public open space for residents to enjoy.
“The development’s layout and landscaping has also been sensitively designed to reflect the location of the neighbouring listed building and conservation area.
“We’re expecting a great deal of interest here, given the well-connected location of these new homes, with easy access to the A1 and A605 and direct trains to London Kings Cross from Peterborough railway station.”