Peterborough City Council seeks '˜six figure' funding for Fletton Quays redevelopment
A funding request which could hit six figures has been made by Peterborough City Council towards its landmark regeneration of the Fletton Quays site.
The council is in talks with the Greater Cambridge Greater Peterborough Enterprise Partnership (LEP) over the £120 million South Bank redevelopment which will include luxury apartments, restaurants, and a hotel. The council will rent out its offices at Bayard Place, Broadway and parts of the Town Hall with staff moving to Fletton Quays.
An LEP spokesperson said: “Discussions are at an early stage and we await a full business case that sets out a coherent case. We require a case showing why the individual components support financial delivery of the site, such as the hotel and mill building.
“Without this, it is difficult for LEP members to understand the scheme in its totality.”
The council’s move to Fletton Quays survived a challenge by four councillors last week after the decision was called-in. The council believes the relocation will save it £7.6 million despite needing to spend £2.5 million to renovate the Town Hall for commercial use.
A council spokeswoman said LEP support could involve a six figure sum and would help the early delivery of general infrastructure.
She added: “We believe LEP funding would help support the scheme’s delivery, but Fletton Quays’ success is not dependent upon it.”