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Plea to release funds for Peterborough regeneration

written by Bella Palmer
peterborough

The plea comes from Peterborough MP Paul Bristow who says he is concerned about the time taken for the Government to release the cash

The government has been urged to release funds for the regeneration of Peterborough Northminster.

The plea comes from Peterborough MP Paul Bristow who says he is concerned about the time taken for the Government to release the cash that would enable the development to take place.

Under plans devised by the Peterborough Investment Partnership (PIP) - a joint venture between Peterborough City Council and investment specialists IAGH3 - it is intended to build 335 homes at Northminster.

The market located at the site would be relocated.

The development would include commercial space for food and drink outlets and a revamp of Laxton Square.

The homes will be funded by Government money channelled through the Cambridgeshire and Peterborough Combined Authority as part of its £100 million affordable housing programme.

But, the Government has announced it is withholding £45 million of the £100 million on concerns at what it says is a lack of progress and value for money.

Any decisions to release further funds will be made by a minister on a case by case basis.

But in a letter to Luke Hall MP, minister for Housing, Communities and Local Government, Mr Bristow states: I am concerned about the proposed Northminster regeneration plan. This historic part of Peterborough is in urgent need of regeneration and investment.

Regardless of any concerns about the combined authority, I hope you will now be able to release this funding for Peterborough. I would be very happy to meet to discuss this proposal, he says.

He adds: I have met with the leader of Peterborough City Council, Councillor Wayne Fitzgerald, on this issue and he shares my impatience to get the ball rolling with this proposal.

He says the development provides the opportunity to deliver affordable housing on the site, targeted at young professionals, keyworkers, and low-income earners.

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