The ambitious venture involves the construction of up to 200,000 sq ft of industrial, warehouse, trade counter, self-storage and roadside accommodation on a 8.63 acre site off Maskew Avenue.
The land, which sits alongside the established Maskew Retail Park, which includes B&Q, Matalan, Aldi and Argos, has been derelict for 10 years and was owned by Wren Kitchens.
The plans are being put together following the creation of a joint venture (JV) between industrial property developer and asset manager Chancerygate and Bridges Fund Management.
The value of the sale has not been disclosed.
One acre of the site has already been sold to self-storage company Lok’nStore - subject to planning approval being granted - with the JV in advanced negotiations with drive-through food and beverage retailers.
It is hoped plans will be submitted to Peterborough City Council within the next four months.
Chancerygate development director, George Dickens, said: “We are very pleased to have secured this prominent development opportunity and bring back to life a site that has lain dormant for 10 years.
“We specialise in speculative development and believe that the Maskew Avenue site is ideally placed for us to do what we do best by creating a mix of industrial, roadside and trade units which will attract investment and jobs to the area.
“This is already evident by our agreement with Lok’nStore and the positive ongoing negotiations with drive through operators.
“We are looking forward to delivering much-needed, high quality accommodation for a wide variety of businesses.”
Bridges Fund Management partner, Guy Bowden, added: “Our Maskew Avenue site will allow us to regenerate and revitalise a sizeable area of land by creating a new place for both business and the wider Peterborough community.
“We are looking forward to having the opportunity to deliver another successful project with Chancerygate.”
Chancerygate and Bridges Fund Management have been working in partnership on projects for more than 10 years.
Its investments include the development of student housing development The Curve in London, the regeneration of Beeston Business Park, Nottingham, and the acquisition of a site for industrial development in Coventry.
The JV has appointed property consultancy Savills as agents for the Maskew Avenue site.