Planning has been approved for the new 59,000 sq ft commercial development, designed to serve the growing community of start-ups and expanding businesses in Peterborough.
The development by FI Real Estate Management (FIREM) will support 125 full time equivalent jobs, and include 32 flexible commercial units across three courtyards, with unit sizes ranging from 603 sq ft to 3,120 sq ft for a variety of business uses.
The decision follows extensive consultation & engagement with the community & stakeholders.
FIREM is committing £5m direct investment through the construction project, which will be delivered by FI Construction. Building work will engage several local suppliers and subcontractors to ensure the project creates local opportunities for training and employment.
The team will use Modern Methods of Construction to reduce construction time on site, minimise disruption throughout the building work while also reducing waste on site.
Designed to complement the wider business park, the development will also include extensive landscaping and the planting of 148 native trees.
The plans have been given a target ‘Very Good’ BREEAM rating to support Peterborough City Council’s pledge to make the city net zero carbon by 2030.
Sustainability features will include rain gardens, green roofs and sustainable transport measures like EV charging, cycle storage and a Section 106 contribution to cycle network improvements.
FIREM is also proposing to create a small allotment space as part of the development as well as working with a local school to create a wildlife pond.
The new commercial space will span 1.5 hectares in the north west corner of Lynch Wood Business Park, next to the Grade II Listed Pearl Centre, which is also owned by FIREM.
Elsewhere in the city, FIREM has invested over £1m to transform Northminster House to create 28,000 sq ft of office space in the city centre.
FIREM managing director Tim Knowles said, “Our ongoing investment at Lynch Wood Business Park is a mark of our commitment to contributing to the economic development of Peterborough, and serving the needs of the city’s thriving business community.
“Plans for our new development have been designed with extensive consultation with the local community to ensure we deliver a high-quality development that brings long-term economic benefit to the city.”
