University of Peterborough receives funding for new 128-space car park

Speaking at their meeting on Monday (25 October), Cllr Andy Coles, Cabinet Minister for Finance said: “The council has secured £827,000 from the Getting Building Fund to support infrastructure delivery on the university project with a £1.9m match contribution from Peterborough City Council borrowing.

“The new surface car park will be built east of the pool building and will be set well back from Bishops Road.

“The council will retain the freehold of both the new car park east of the Regional Pool, and the Regional Pool Car Park.

“The Corporate Director Resources and the Director of Law and Governance and Monitoring Officer will negotiate and agree commercial terms with partner company, ‘PropCo 2’, to lease 128 spaces on the regional pool car park for university and R&D users and revert with a proposal for approval in due course.

“PropCo 2 will enter a 5-year lease and be liable for all rates and maintenance under a full repairing lease.

“The lease cost will be set at a level which generates income sufficient to cover the borrowing costs for the replacement car park to the east of the pool.

“Peterborough City Council will then lease all 128 spaces east of the pool to Peterborough Limited to serve pool users on the same terms they currently benefit from.

“It will also lease 70 of the 198 spaces on the current Regional Pool car park.”

In 2020 Anglia Ruskin University (ARU) was awarded Academic Delivery Partner status and entered into contract to deliver up to 2,000 students for the 2022/23 academic year, rising to 3,000 by 2024/25 and up to 4,000 by 2025/26, with an aspirational target of up to 12,500 students by 2030/31.

In December 2020, legal agreements concluded between the three partners and Peterborough HE Property Company Limited (PropCo), the development vehicle tasked with delivering university buildings and infrastructure, was formed.