Peterborough South Bank – funding for development

07:08 Thursday 23rd July 2015
BBC Radio Cambridgeshire

DOTTY MCLEOD: The Peterborough Investment Partnership has announced plans to spend £120 million doing up the South Bank in the city. The area will be known as Fletton Quays. .. Joining me now is Pram Nayak who is Joint Managing Partner. .. £120 million is the amount of money that’s being touted. Remind us where that money is coming from.
PRAM NAYAK: £120 million represents a lot of things actually. It represents the investment money that’s going into there. It’s all the planning costs and all the sort of consultancy costs etcetera. It’s the construction costs. It’s jobs. It’s creation. It’s the revenue. It’s a large number but it represents the total investment potential of that site over the next three, four years..
DOTTY MCLEOD: But where will that investment be coming from?

PRAM NAYAK: It will be coming intitially from the Peterborough Investment Partnership. We’ll be putting the initial investment in to bring that site to the market. So our job is to make sure that we put the best plans forward that the community want and that’s very attractive to the market. Once we have planning we will be selling that to the developers, and they will be putting in their money to kind of get the bricks on the ground basically. So the money will be coming from a variety of sources. Initially from the Peterborough Investment Partnership to bring that site to market.
DOTTY MCLEOD: And just remind us, just to go back another step, what the Peterborough Investment Partnership is Pram.
PRAM NAYAK: Yeah. Absolutely Dotty. I think what it is, it’s an innovative joint venture partnership. It’s one of these new sort of partnerships that we’re sort of working across the UK. It consists of the Peterborough City Council as its main partner, and the funding side is the Lucent Strategic Land Fund, which is a pension fund that wants to invest in the UK only.
DOTTY MCLEOD: And we are at a very early stage at the moment. When can you see this development Pram getting off the ground?
PRAM NYAK: Our timetable is that we want to have the consultation as I was saying in August. Our desire is to get our planning submission in towards the end of September, going to Planning Committee December. And I would like to sort of see the early signs of development from about Q1, Q2 next year really. So it very much depends what the final scheme is. It will depend on what planning consent we get. But we’d be looking forward to starting work 2016.