£7 Million Redevelopment Proposed for Derelict Railway Goods Shed

Councillors have reviewed proposals for transforming a disused Victorian railway goods shed into a £7 million food and drinks venue. Peterborough City Council has put forward a proposal to sell the historic structure for £250,000 plus VAT and to approve £1.9 million in grant funding for the developer, Farholt Goods Shed Limited. The council acquired the freehold for an equivalent amount in February 2024 and intends to sell it under the condition that its primary use will be as a food hall, complemented by offices and workspaces. Nick Thulbourn, the Labour cabinet member responsible for growth and regeneration, stated: “We’re excited to put forward our proposals for the goods shed.” Thulbourn commented that the building possesses the capacity to become a “thriving destination” for residents of Peterborough. He added: “If agreed, these exciting plans will mean people will be able to enjoy food and drink from a host of unique and independent street food vendors in one location, in a large communal space.” Beyond the grant provided by the city council, Farholt intends to finance the outstanding construction expenses through institutional investors and various other funding avenues. According to a report scheduled for presentation to councillors on Tuesday, the authority has implemented safeguards for its investment, including a drawdown process contingent on the completion of significant construction milestones. This initiative is integrated into a larger undertaking called The Vine, which seeks to allocate £13 million from the Towns Fund to establish a new library and cultural center within the city. Initially, the council had considered utilizing the former TK Maxx building on Bridge Street for this project but determined it was not viable. The goods shed aligns with broader redevelopment strategies for Peterborough’s Fletton Quays area, which offers views of the River Nene. This area currently accommodates luxury apartments, new council offices, and the HM Passport Office, with additional proposals for a Hilton Hotel, which is yet to be constructed, and a new footbridge. The exchange of contracts is anticipated in January, with a planning application to follow in June. Construction is initially projected to commence in February 2026 and conclude one year thereafter.