Peterborough is England’s fastest growing city, according to a recent report by McKinsey which stated that the economy in the Cambridgeshire-based city is expected to grow by 40% by 2025 to £8.7 billion GDP.
Rapid regeneration is influencing this growth, including an £160 million development that will bring new shopping facilities and restaurants to the city centre, and the £120 million riverside scheme that encompasses our Nene Wharf development.
Ongoing investment, a thriving economy and growing leisure and retail offer is attracting people to live, work and play in Peterborough. We have put together our guide to living and working in the city, and the opportunity this growth poses for investment.
Working in Peterborough
Peterborough benefits from excellent connectivity and is perfectly positioned in the Oxford-Cambridge Arc, only 46 minutes from London by high speed rail.
More than 1800 Peterborough-based companies were registered during 2019 and ongoing innovation and investment is attracting businesses to locate here, and helping existing businesses, particularly SMEs, to grow.
The city boasts seven business parks, which has enticed firms to either relocate or increase their office space locally. Across three higher and further education institutions, Peterborough is home to in excess of 10,000 students, which gives local businesses access to a highly skilled pool of graduates.
Connectivity, access to commercial space and an educated population are among the reasons businesses are choosing this location.
Bauer Media Group, RSA and BGL Group have a regional base in the city, and other large employers include Peterborough City Hospital, which employs 3,000 people alone.
Living in Peterborough
Offering urban city living and countryside charm, Peterborough has mass appeal. Traditionally a heritage city with a 900-year-old Norman cathedral and attractions such as Peterborough Museum & Art Gallery, regeneration is modernising the city.
41% of the local population are under 29, and there is a growing number of properties to accommodate young professionals, for example the £100 million North Westgate scheme, and the Fletton Quays development, which includes 128 apartments as part of Nene Wharf.
The city’s growing leisure and retail scene includes water sports at Ferry Meadows and the Riverside Shopping Centre, which is helping residents achieve the perfect work-life balance.
Peterborough’s growing economy, regeneration and population has increased its profile as a target for international investment.
GRE Assets is currently delivering the second phase of Nene Wharf Apartments, which is part of a £120 million regeneration scheme in Peterborough