Just over five years ago in January 2015, Peterborough City Council announced a 50/50 partnership with a new development company Peterborough Investment Partnership (PIP).
This new and innovative partnership, enabled for the development of surplus land in the council’s ownership to tackle awkward and derelict sites in Peterborough that had proved unattractive to developers.
However, the relationship between the city council and PIP was always intended to go beyond simple commercial redevelopment of surplus land.
As Cllr John Holdich, leader of Peterborough City Council, said: “There is a genuine social element to our partnership, providing not only a sound financial return on the public money we’ve invested, but quality property for the long-term development of the city as a whole.”
The first of those projects – Fletton Quays – sits on prime land alongside the River Nene, but has been mostly derelict for the last 50 years.
The mix of landownership and previous uses made it an unattractive proposition for developers seeking a problem-free or shovel–ready site.
Thanks to the partnership with PIP, Fletton Quays now nears completion with the long wait to breathe new life into a brownfield site, finally coming to an end.
Howard Bright, Principal Development Manager at Peterborough Investment Partnership and Head of Growth at Peterborough City Council, said: “Those were ambitious plans for a new company, calling for a £120 million development of 265 luxury apartments, restaurants, a 160-bed hotel and two blocks of Grade-A offices.
“That 20-acre site had been a headache for city planners who have long seen it as a priority target in the city’s growth, but hadn’t been able to find developers able to overcome the challenges posed by the land.
“Five years later, and we now have five government agencies, including the Passport Office, moving into stunning new buildings ready for 2021.”
Read the full story on the Peterborough Telegraph website.