A funding commitment of £48 million has been made by UK’s Network Rail for the Station Quarter regeneration project in Peterborough.
The funding announcement was made following a successful Levelling Up Fund application for the Phase I regeneration of the area near Peterborough station. The regeneration project has received official approval from the Department for Levelling Up, Housing, and Communities (DLUHC). This is according to the Peterborough City Council and Cambridgeshire & Peterborough Combined Authority.
The project entails building a new western station entrance as well as a car parking area. Thus, they will be able to establish a double-sided station. It will make it safer to ride a bicycle through the city and lessen traffic on the city’s main roads. The project will also create community spaces, green spaces with biodiversity, and improved connections to the city center. Peterborough station will encourage more rail travel by enhancing rail passenger journeys.
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Benefits of the Station Quarter regeneration project in Peterborough
According to the claim, the funding is “ring-fenced” and can only be used for the Station Quarter regeneration project. Peterborough City Council and other partners are anticipated to contribute additional match funding. This will bring the total funding to roughly £65 million. This funding will encourage private investment in the Station Quarter program’s upcoming phase of commercial and residential development.
“This brilliant investment will allow us to deliver a revamped and revitalized entrance to Peterborough,” said Stephen Hind, head of business development at Network Rail. The significant change would open up chances for the city to prosper economically. It would also acknowledge the need for a cleaner, greener transportation system in the future.