About the Towns Fund

In 2019, Peterborough was one of 101 towns across the country invited by Government to bid for up to £25 million as part its Towns Fund scheme. The Towns Fund Prospectus was published in November 2019 with the guidance on applications published in June 2020.

The overarching aim of the Towns Fund is to drive the sustainable economic regeneration of towns to deliver long-term economic and productivity growth. This will be done through investment in:

Urban regeneration, land use planning and infrastructure
Skills and enterprise infrastructure
Connectivity

We had a unique chance to address the city's key issues and opportunities through a broad regeneration programme. We submitted our Investment Plan on 31 July 2020. Then, in January 2021, we signed the Heads of Terms for £22.9 million.

Our Town Deal bid

The Peterborough Town Investment Plan and subsequent Town Deal focuses on the City Centre and the immediate surrounding areas, as adopted by the Local Plan in 2019.

We were awarded £22.9m. We are using it to boost the city with many cultural, health, and tourism improvements. They will make it an even better place to live, work, and visit.

The Towns Fund Board completed business cases for the projects. The Government then approved these cases and released funding. Now, the following projects are funded by Towns Fund money. They also receive some match funding from other sources.

Visitor attractions

The Vine Project - a revised scheme will now be delivered from two sites:

A refurbished Central Library community hub, offering spaces for education, community and business
A fully refurbished Peterscourt building to accommodate start-up businesses and provide maker spaces

The Goods Shed (a former single-storey Victorian railway building in Fletton Quays) was originally part of the Vine Project with proposals to create a food and beverage hall. It has recently been marketed for sale without grant and attracted good interest. We are currently working through the offers, with preference being given to buyers that propose to deliver the sales of food and beverages once the building is redeveloped. The sale will be subject to Cabinet approval.

Activity Centre - developing an international-standard climbing facility including family-friendly climbing arenas, a café and spaces for community group activities.

Regeneration and infrastructure

Train station to city link - improving the connection between our city's train station and the city centre for walkers and cyclists. This piece of work will also focus on the Queensgate Roundabout and aims to create a more welcoming and accessible entrance to the city.

River Nene Pedestrian Bridge (Cygnet Bridge) - a pedestrian bridge linking the Embankment and University with Fletton Quays and existing riverside paths. The bridge will be designed to become a local landmark and will provide an alternative pedestrian route into the Embankment and city centre area.

Lincoln Road upgrade - a section of Lincoln Road (between Searjeant Street and Windmill Street), has been upgraded with wider pavements, new benches and electric vehicle charging points. 

Skills and enterprise

Enterprise hub feasibility study - to deliver a feasibility study for an enterprise incubation and training hub in the city, to help support small digital businesses and grow the city’s digital economy. The report has been completed and a successful bid was made to the Shared Prosperity Fund to support digital businesses, students studying computer science courses and outreach work to encourage people into digital careers. This project has been completed.

Skills in green technology for constructive and automotive industries - construction of a new teaching building known as the 'Green Technology Centre' at Peterborough College, part of Inspire Education Group. Developing new courses for students in green technology motor vehicle / construction industries, with close links to the new University. This will enable more residents to become ‘job ready’ in these upcoming in-demand roles. This project has been completed.