Cambridgeshire and Peterborough’s new mayor, James Palmer, now oversees a budget of almost £800 million (over the next 30 years) to shape the region’s economic, housing and transport strategies. Palmer has outlined immediate priorities for his first 100 days in post. So what does this mean for real estate in the region?
Transport and Infrastructure gains?
Palmer has pledged to better connect the Eastern region both internally and with neighbouring areas. He hopes to upgrade the A10 and A47 to encourage economic growth in the Fens and commit £27 million to develop the Oxford to Cambridge Expressway road links, further cementing Cambridgeshire’s position in the ‘knowledge corridor’.
Throughout his campaign, Palmer prioritised investigating the practicalities of an underground metro and/or light railway network in Cambridge, which could revolutionise transport in the city. He hopes that decreasing congestion and using sustainable methods will attract businesses looking for an alternative to ‘Silicon Valley’.
Despite voicing concerns about the Greater Cambridge City Deal – most notably the guided busway and the workplace parking levy in Cambridge city centre – the mayor is already working alongside City Deal representatives, to assess a range of possible options.
Outlook for Development
Drawing inspiration from developments like Cambourne and Hampton, Palmer wants to use innovative methods to speed up development projects, make the planning system more accessible and bolster investment into the region, whilst also preserving the Green Belt. However, the new mayor stresses that choosing sites for new developments remains with the City Council.
In an attempt to tackle spiralling prices and demand, Palmer aims to diversify the Cambridgeshire housing market. He has plans to open a mayoral housing fund to small and medium enterprise builders, creating houses for rent and enabling local communities to build and own homes via Community Land Trusts. As a starting point, the devolution deal provides him with £170 million for affordable housing, £70 million of which is earmarked for meeting housing needs in Cambridge. Palmer also wants to cultivate growth in the region’s established communities and has prioritised developing a masterplan for St Neots.
How things develop over James Palmer’s first 100 days in post remains to be seen. We are intrigued to see how much of his vision becomes reality and what impact this has on real estate locally.
Written by Hannah Lewis