On Tuesday, September 22, the council gave approval to start the development with Hawksworth, and once all the land for the quarter has been acquired the area's transformation will begin.
Hundreds of new jobs are expected to be created as part of the regeneration scheme, which will provide new homes, office premises, a hotel, and supporting retail, restaurant, café and leisure uses, set within extensive new public spaces and landscaping.
The Brewery Tap and the Westgate Church will remain within an enhanced public realm setting.
Councillor John Holdich OBE, Leader of Peterborough City Council, said: "Today’s decision brings the vision of a vibrant new quarter for Peterborough closer to being a reality. While the council is in a unique position of being able to use compulsory purchase powers, if required, the aim of both parties is to secure the remaining parcels of land through private treaty negotiations, as far as possible."
"Like Fletton Quays, the redevelopment of North Westgate will generate growth in this under-utilised part of the city and is part of the Council’s long term aim to extend and revitalise Peterborough city centre for future generations to come."
Peter Breach, chairman of Hawksworth Securities PLC, said: "Hawksworth has been a long- term investor in Peterborough and we are delighted that our vision for North Westgate has taken a major step forward with the support and shared aspiration of the Council.
"We believe our plans for North Westgate offer a perfect opportunity to regenerate this part of the city, providing investment in the city’s economy and improved facilities for current and future residents. A strong local economy and accessibility to London makes Peterborough an ideal choice for new business occupiers and residents seeking the quality of life that this great cathedral city has to offer.
"We are committed to the regeneration of North Westgate and look forward to working with the Council and local communities to bring it to fruition."