£200,000 in funding for a regeneration project in Priory Square in the heart of Studley has been withdrawn.
The site, on land owned by the Co-op, is off the Barley Mow island and has been a village eyesore for years.
The cash had been granted by Coventry and Warwickshire Local Enterprise Partnership (LEP) two years ago.
However after the failure to find a suitable developer prepared to take on the mix of business and residential use hoped for by Stratford district council it has decided to move it on to other projects, hopefully still within Studley.
The news caught the village’s district councillors by surprise with both expressing their disappointment at the decision.
Coun Hazel Wright (Lib Dem, Studley & Sambourne) said: “I’m absolutely appalled. This money was made available two years ago to fix an eyesore in Studley.
“Now, because of inaction by the Conservative Cabinet, the money has been lost. This is a real blow for Studley and it’s also a major blow to the credibility of Stratford District Council.
“I’ll be raising this as a matter of urgency at next Monday’s council meeting.”
Coun Justin Kerridge (Con, Studley & Mappleborough Green) while expressing his regret, nevertheless remained optimistic a development could be in the pipeline.
“I am very disappointed, particularly as back in July we seemed to be on the brink of getting a decision.
“I’m hoping the developers who were talking to the Co-op will continue and they do not need the £200k. Frankly if it’s a live/work development or residential I don’t mind as long as something is done with the site.”
Dave Webb, executive director at Stratford District Council said the circumstances around the granting of the money had changed but the authority remained optimistic of finding a solution.
“The council is still in discussions with the Co-op and we are confident events will move forward in the very near future,” he said.
He added it was hoped the LEP would keep the money in the village particularly as there are plans for a ‘tech hub’ at the former Studley youth centre.
