£48 million funding approval signals full steam ahead for Peterborough's Station Quarter transformation
It is full steam ahead for Peterborough’s ambitious Station Quarter regeneration after unconditional approval for £48 million of Government funding was confirmed.
The full approval for the Government cash backing for the transformation of Peterborough’s train station and the surrounding area has been confirmed by the Department for Transport which has just signed off the full business case for the development.
The go ahead was given in a letter from David Harding, deputy director for the Department for Transport, who stated: “I am pleased to confirm that the conditions have been met and the Department has now provided full and unconditional
approval of Cambridgeshire and Peterborough Mayoral Combined Authority’s full business case for delivery of the Peterborough Station Quarter Enhancements and Connectivity scheme.”
The next step will be the transfer of funds for the development.
Peterborough MP Andrew Pakes said: “I have been working closely with the Government to ensure a smooth passage for the business case and agreement on the transfer of funding.
"Today’s news is another positive step forward for the plans, and I would like to thank everyone involved.
"The Station Quarter is about teamwork, and it is great to see all the partners pulling together.
"Thank you to the Secretary of State for the confirmation today. I now look forward to work commencing on site.”
Councillor Shabina Qaayum, leader of Peterborough City Council, said: “I’m absolutely delighted that the Department of Transport has approved the Business Case for the Station Quarter which certainly means it’s now happening.
"This is excellent news for our city.
"The plans will transform the entrance to Peterborough and give travellers the incentive to want to visit and explore what we have to offer.
"It would be a dream to see work happening soon on this, which we are progressing at pace.
"Things can only get better from here.”
The first phase of the Station Quarter development is due to start in November with work beginning on a new pedestrian and cycle route, called City Link, from the train station to Cowgate and into the city centre. Funding for these works will come from the Towns Fund.
The new £48 million that has just been approved will meet most of the costs of the majority of the Station Quarter works.
These will involve: the creation of 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.
But there are also ambitions for further development around the station on the back of phase one.
It is also expected that the Station Quarter will attract private funding of £18 million.