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The announcement of a £60m revamp of Nottingham Train Station is “excellent news” for the city, according to George Cowcher. However, the chief executive of Derbyshire and Nottinghamshire Chamber of Commerce also told Insider that the region is still awaiting news on “two other major transport priorities”.

Transport minister Norman Baker said that Nottingham’s train station will undergo a two-year refurbishment. New features will include a new 950 space multi-storey car park and a new concourse connecting trains, trams and the car park. The £60m Nottingham Hub scheme will be completed by 2014.

However, Cowcher said that the widening of the A453 and the extension of the tram network still had not been confirmed, and remained major priorities for the chamber group.

He said: "We are, however, still awaiting news about the city's two other major transport priorities, and will continue the campaign to secure both the funding and consent needed for these extremely important projects to go ahead."

It was announced yesterday that the key partners in the train station redevelopment had been given the go-ahead to appoint contractors for the first stages of the development. Network Rail, East Midlands Trains and Nottingham City Council will appoint workers to construct the new multi-storey car park and associated highway improvement works on Queen's Road.

John Watson, chair of the Hub Project Board, said: "This is fantastic news and I'm delighted that all parties have found a way to take this project forward, despite concerns about local funding. Along with the extended tram network and the widening of the A453, the redevelopment of the railway station is considered by the business community as key to the future success of Nottingham's economy. It will act as a catalyst for the regeneration of the Southside of the city and create many new job opportunities."

A survey carried out by the Chamber of Commerce this week revealed that traffic delays caused by congestion and road accidents on the A453 cost small and medium-sized businesses an annual average of almost £10,000 each. The Chamber has long been campaigning for the widening of the road, and is urging businesses to get behind the protest.

Cowcher said: “The message from business is clear; that the A453, in its current state, is not fit for purpose. This is the view we will be articulating to ministers ahead of the spending review in October.

“Given that improvements to the road would stimulate economic activity worth almost £540m for a net investment of just £83.6m, the Chamber would argue that this scheme is one that the Department for Transport cannot afford to defer for any longer.”