Costs of building Olympic-grade Climbing Wall at Peterborough's Ferry Meadows are under review

The cost of building an Olympic grade Climbing Wall and Activity Centre in Peterborough’s Ferry Meadows are being reviewed.

Bosses of Nene Park Trust are analysing the price of constructing the 34.25 metres high Climbing Wall and centre in the face of rising inflation and supply chain difficulties.

A trust spokesperson said the review is expected to take months to complete.

It comes after the first phase – construction of a new car park – was completed with the trust to embark on the second phase, the design work.

Plans for the Lakeside Activity Centre were unveiled in 2019 when it was estimated the facility on the edge of Gunwade Lake would cost £8 million to build. It won planning approval from Peterborough City Council in 2021.

Last year, the project secured £1.5 million towards the costs under the Government’s Towns Fund initiative with the rest of the money to be raised by the trust and other funding streams.

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Details of the cost review are outlined in the minutes of the most recent meeting of the Peterborough Towns Fund board.

The minutes state: “They (the trust) now need to complete the phase two design piece.

"The cost plan was more than originally thought and they are now progressing a fundraising strategy and will be reviewing the project with the Nene Park Trust Board.”

The minutes show that Andrew MacDermott, acting chief executive of the trust, when asked if there was ‘a risk regarding the funding gap’, confirmed the trust intended to deliver the project and could be looking at going out to tender in the Autumn with construction in 2024.

Separately, Mr MacDermott told the Peterborough Telegraph: “We are delighted that work on the first phase of the activity centre project is nearing completion.

"As part of our planning permission, the new fully landscaped, permeable, and biodiverse car parking area needed to be completed before work could begin on the activity centre itself.

“We are now working with contractors to develop an updated project schedule for the activity centre.

"As we enter this phase, we are engaged in positive conversations with funders and expect to confirm these bids shortly.”