The proposals involve the construction of four large warehouses on land close to the household appliances manufacturer Whirlpool Appliances UK, in Morley Way, Woodston.
The project is being overseen by the Oculus Building Consultancy which also wants to put up new office units, a recycling facility and carry out other associated works.
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It is thought the new warehouses could help create about 300 jobs.
The Bath-based Oculus Building Consultancy has submitted a building control application to Peterborough City Council for the scheme on derelict land near the Whirlpool offices.
If the venture goes ahead, it will be one of a number of new warehouse developments in Peterborough.
The council recently gave the green light for the construction of a warehouse in Shrewsbury Avenue, Woodston, that will become the European headquarters for drinks can makers Crown Becan in a move that will create 280 jobs.
Another three warehouses are currently being built at Kingston Park. Real estate investor and developer, Firethorn Trust, has secured planning permission to develop the £60 million Peterborough South site in Hampton. The move comes after the real estate investor acquired a 21 acre site from O&H Properties, based in Peterborough.
Work is expected to start soon with completion due by the end of the year.