UK’s Network Rail has announced a funding allocation of £48m for the Station Quarter regeneration project in Peterborough.
This funding announcement comes following a successful Levelling Up Fund bid for the Phase I regeneration of the area around Peterborough station.
An official confirmation from the Department for Levelling Up, Housing and Communities (DLUHC) has been received by the Peterborough City Council and Cambridgeshire & Peterborough Combined Authority for the regeneration project.
To establish a double-sided station, the project will involve creating a new western entrance to the station as well as a parking facility for cars.
It will help cut down pressure on city centre roads and enable safer travel around the city by bicycle.
The project will also involve the development of green areas with biodiversity, community spaces and better connections to the city centre.
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The improvement of Peterborough station will help enhance rail passenger journeys and promote more rail travel.
The funding is claimed to be ’ring-fenced’ and can be spent only on the Station Quarter regeneration project.
Further match funding, which will take the total funding to around £65m, is expected to be injected by Peterborough City Council and other partners.
This funding will spur private investment in commercial and residential development under the next phase of the Station Quarter programme.
Network Rail business development head Stephen Hind said: “This brilliant investment will allow us to deliver a revamped and revitalised entrance to Peterborough.
“The major transformation would unlock opportunities for the city to thrive economically, as well as recognising the need for a cleaner, greener transport network in the future.”