Peterborough culture hub 'The Vine' takes a step forward as council prepare to submit business case to Government

Plans to create a new culture hub in Peterborough city centre has taken a step forward as the city council prepare to submit a business plan to the Government.

The new hub, called The Vine, will be located in the old Woolworths/TK Maxx building in Bridge Street.

Following approval by Peterborough City Council’s cabinet at a meeting held on Monday, 16 January, the outline business case for The Vine will be submitted to the Government for funding.

Council apply for £13 million of funding

Just over £13 million in total is being sought through the Government’s Towns Fund programme for the project. If successful, the money would be spent on the redevelopment of the building to allow The Vine to open its doors.

Towns Fund money is ring-fenced by the Government and so – if successful – it would only be able to be used for these purposes.

The Vine is the largest of eight Towns Fund projects in Peterborough. The other seven projects have already secured funding worth over £9million for the city and include: A pedestrian bridge over the River Nene, an Activity Centre at Nene Park and a Green Technology Centre at Peterborough College.

The facility will be operated on a commercial basis by a private operator, acting as tenant to PCC as landlord of the asset.

Additional funding is also being sought for the Vine from other sources. However, if additional funding cannot be found, The Vine would still go ahead, but would either be developed on a phased basis, or across two different locations.

"We do have additional funding to find”

Councillor Wayne Fitzgerald, leader of Peterborough City Council, said: “We are crying out for a public building like this in our city centre – a building which is a hub of activity for everyone from students, businesses library users, artists, tourists and visitors and residents popping in for a coffee and a bite to eat.

“Yes, we do have additional funding to find, even if the Towns Fund money is successful. However, we can demonstrate that The Vine would prove a significant asset to the city centre, its residents, businesses, community groups and visitors and would run on a commercial basis requiring no extra funding once it has opened.”

“This project will improve the lives of people in Peterborough"

Matthew Bradbury, independent chair of the Peterborough Towns Fund Board, said: “This project is making good progress and will improve the lives of people in Peterborough as well as driving footfall to the city centre and benefiting the local economy. It’s the largest of the Towns Fund projects and so we’ve been spending our time building a robust business case to ensure we get this extra money for Peterborough.”