LGIM Real Assets (L&G) has agreed to forward fund a key city centre site in Peterborough, which will be its twelfth Government Hub investment.

The development of the 90,000 sq ft office building will be funded by L&G, who also purchased the site, with Bride Hall Developments undertaking the construction. Upon completion it will be let on to around 1,000 members of staff from the Department for Environment, Food and Rural Affairs, including the Environment Agency, Natural England, Joint Nature Conservation, and HM Passport Office.

Derek Gilby, Senior Fund Manager at LGIM Real Assets, said: “Our funding of the Fletton Quays site highlights our commitment to Government Hub deals. These align with our wider business objective to drive sustainable regional growth and aid job creation. We have a strong appetite to do more.”

The office development is part of the £120m regeneration of Fletton Quays, being led by the Peterborough Investment Partnership and site developer Bride Hall.

Cllr John Holdich, leader of Peterborough City Council, said: “To have key government organisations secure a space at Fletton Quays is good news, both for the development and the city as a whole.

“Fletton Quays represents a new age of growth and regeneration for Peterborough. These key additions to the site will bring footfall, recruitment and investment, as well as opening up the prospect of attracting additional Government jobs to Peterborough in the future.”

Occupation of the building is expected to take place in 2021.