Peterborough has a lot to offer as an investment location including strong transport links, access to a young population, and large local employers. Its planned regeneration projects across the city were another key selling point when we chose to launch our Nene Wharf Apartments project in 2019, with over £600m of planned investment within walking distance of the development.
Below we have put together an update on how major regeneration projects are progressing in the city, including our Nene Wharf project, the extension of Queensgate Shopping Centre, and North Westgate.
Nene Wharf Apartments and Fletton Quays
Following restrictions brought on by the Covid-19 pandemic, construction restarted at our Nene Wharf Apartments project in Peterborough in May. Encompassing 128 contemporary riverside apartments, the project has been progressing well since and is set to be complete by Q1 2021. The wider £120 million Fletton Quays regeneration will bring a hotel, office space, an arts and culture hub, and a Government Hub.
Groundwork has started at the site of the new Hilton Garden Inn at Fletton Quays, with significant progress already made, despite initial delays due to Covid-19. The hotel is due to open in 2022 and work is expected to start on the Government Hub very soon, which will provide space for around 1,000 employees.
A £300 million masterplan, Station Quarter includes a brand-new train station and new multi-storey car parks as well as office, retail and residential space. The proposed project represents huge investment in the city centre and will play a big role in local regeneration.
Steve Cox, Peterborough City Council’s executive director for economy and place, has confirmed that the project is ‘progressing well’ with discussions ongoing to free up land and the planning application underway.
Extension of Queensgate Shopping Centre
Part of a £60 million and 70,000 sq ft development, the extension of the Queensgate Shopping Centre is an exciting prospect for the city. Plans include a 10-screen cinema, new restaurants and retail outlets, which will add to Peterborough’s leisure offering.
Construction work is progressing well onsite and the extension is set for completion in 2021, which will ultimately deliver an additional 200 jobs.
Located close to the station, North Westgate is an ambitious new development and represents a £150 million investment set to reenergise the city centre. The planning application was approved in 2018 for a scheme which includes new homes, retail, restaurants, leisure facilities, public space and landscaping.
The development recently took a positive step forward when Peterborough City Council and Hawksworth Security PLC entered an agreement to begin land assembly on 22 September 2020.
Plans for a technical university in Peterborough have been progressing over recent months, it was revealed in July 2020 that it would be run by Anglia Ruskin University, under the name ARU Peterborough. Building of the £30m campus is expected to start in January 2021 once planning approval is achieved.
The project is on track to open to 2,500 students in October 2022, before in time reaching 12,500 students. Steve Cox recently described the project as ‘creating an asset so young people can learn and spend money in Peterborough, and it also adds vitality to the city.’
GRE Assets is currently delivering the second phase of Nene Wharf Apartments, an exciting residential project in Peterborough.Date: 13 October 2020