Tag Archives: Property Development

Funding Issue For Peterborough Property Development

We all know that big changes require significant funding. There is money on offer to develop new properties and create communities, but the work needs to be justified.

At Just Lets, we take an interest in all property projects in and around Peterborough. More homes are needed in the area, but of course, money for these plans need to be found somewhere. This is why a change in plans can be devastating when looking to change a local area.

Property development plans in Peterborough have stalled

There are plans in place to develop 335 houses in Northminster. These plans have been devised by the Peterborough Investment Partnership (PIP), which is a venture between investment specialists IAGH3 and Peterborough City Council.

While the plans are for a location which currently hosts a market, it has been said the market will be relocated.

The plans also include scope to redevelop Laxton Square, and there will be commercial space on offer for food and drink options.

Funding for the development will come from Government money which makes it through via the Cambridgeshire and Peterborough Combined Authority, and this is part of the £100m affordable housing programme.

Money is being withheld

However, the Government has stated they are withholding £45m of the overall scheme because of concerns about a lack of progress and whether the development offers value for money.

If further funds are to be released, the decision will be made by a minister on a case-by-case basis. This is obviously worrying for the people behind the project.

Mr Bristow has written a letter to Luke Hall MP, the minister for Housing, Communities and Local Government, in which he 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.”

The letter continues; “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. The development provides the opportunity to deliver affordable housing on the site, targeted at young professionals, keyworkers, and low-income earners. My constituents deserve this housing opportunity, which the Government’s funding can make possible. The Cambridgeshire and Peterborough Combined Authority has requested £14 million to make it happen. The redevelopment of Northminster is being brought forward by Peterborough City Council. The Leader of the Council has also committed to securing a new future and venue for the City Market.”

Just Lets – Here to Help

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.