The rejuvenation of the Riverside Opportunity Area, formerly known as South Bank, will be one of Peterborough’s largest regeneration projects in two decades. Despite facing similar funding challenges to local authorities across the country, Peterborough City Council is pushing forwards with redevelopment plans by seeking a private sector joint venture partner to complete the project with.
The partnership, which should last for 20 years, could result in a mix of new residential, commercial and leisure developments at Riverside, as well as the expansion of existing green spaces within the area. It may also see the re-use of historic buildings and the creation of a new iconic bridge across the River Nene.
Anthony Collins Solicitors have been appointed to advise the Council on its procurement process to find a private sector partner, as well as preparing the legal framework for the joint venture and future developments.
Chris Plumley, partner at Anthony Collins Solicitors, said: “The innovation and vision of Peterborough City Council proves that it is still possible to undertake major re-development despite a reduction in readily available funding. Riverside is set to be extremely important in stimulating growth across the City and we are very excited to be working alongside them on this landmark scheme.”
Councillor Marco Cereste, Leader of the Council and Cabinet Member for Growth, Strategic Planning, Economic Development, Business Engagement and Environmental Capital, said: “We want Riverside to become a thriving, high quality quarter, reconnecting this area into the city centre. We are striving to make Peterborough bigger and better – and this is a very important part of how the city will develop over the coming decades.”