The Vine culture hub secures £13m Government funding

The Vine culture hub is one step closer to opening its doors after being granted an extra £9 million of Government funding.

The Towns Fund money will go towards redeveloping the former TK Maxx building on Bridge Street into a multi-purpose hub containing a library and spaces for studying, start-ups and exhibitions.

It will also be used as a meeting space for Peterborough City Council (PCC) which submitted the bid and will act as landlord to a private operator in the building.

But the grant won’t cover the full costs of the project which are thought to be around £18 million, leaving a gap of £5m.

PCC has previously said that it will consider bidding for public, charity or private funding or delivering the project in phases or over two sites to address this.

The Department of Levelling Up, Housing and Communities (DLUHC) granted PCC £4m to purchase the building before it submitted a business case to secure the additional funding earlier this year, bringing the total to £13m.

Towns Fund money is ring-fenced for investing in towns and cities throughout the UK to “level up our regions”.

PCC has said that The Vine will be a “thriving, dynamic and flexible space” where people can “take part in a community event, buy a painting from an emerging Peterborough artist, or simply grab a cup of coffee or a bite to eat”.

Council leader Wayne Fitzgerald (Conservatives) said Peterborough is “crying out for a building like this”.

More detail about PCC's latest plans for The Vine is expected in coming days.