The showground owner, the East of England Agricultural Society, has announced it has entered into a land promotion agreement with Asset Earning Power Group (AEPG) to develop and enhance the 165 acre site.
The move is expected to pave the way for the development of homes and public leisure facilities which could create more than 400 jobs.
A masterplan for the residential development is being drawn up and an outline planning application is expected to be submitted to Peterborough City Council next spring.
Alistair Beattie, interim chief executive of the East of England Agricultural Society, said, “The end of the three-day agricultural show in 2012 meant that the showground was no longer essential to the future of the Society.
“Our alliance with AEPG allows the development of the leisure facilities and wider site, leaving the Society to focus on its charitable aims of promoting agriculture, education, and rural life.
“This collaboration with AEPG will enable us to develop our initiatives and engage with other organisations to deliver tangible outcomes, such as our association with Anglia Ruskin University, Peterborough, on the content of agriculture-related educational courses.
“The Society is delighted to support the continued operation of the East of England Arena as a centre for events in the city and the region, and we are excited by AEPG’s proposals for new leisure facilities on the site.
He added: “The Trustees of the Society were keen to avoid the loss of this important amenity which is an asset to the City of Peterborough and the retention of employment on the site.”
Ashley Butterfield, chief executive of AEPG, which specialises in the creation of mixed-use residential and leisure developments, said: “We’re thrilled to have entered into an alliance with the East of England Agricultural Society to enhance the site as a new destination to live in the city with an exceptional leisure and events offer at its heart.
“This will create enormous benefits for people living and working in Peterborough.
“The site has vast potential.
“AEPG plans to create a considered development with leading-edge leisure facilities for the local community as well as the wider public.
“It is expected this will create in excess of 400 jobs.
“AEPG’s team are preparing a master plan for a new type of housing development that will combine a unique lifestyle with aspirational homes set within a beautiful, landscaped environment.
“A planning application will be submitted in the Spring 2022 for a scheme that is in accordance with the site allocation and policies of the 2019 adopted local plan.
“We will be consulting about our plans before they are finalised, and a planning application is submitted and look forward to sharing updates as the plans develop.”