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William Hunter Way deal collapses
1:18pm Tuesday 4th February 2014 in News
AFTER eight years of planning the deal for William Hunter Way's multi-million pound redevelopment will be scrapped.
Brentwood Council have confirmed the project with Stockland is "set to be refused" after a development agreement could not be reached.
The main reasons behind this decision were due to concerns on the level of financial return to Brentwood taxpayers and the deliverability of the scheme.
The proposals for the town centre road had sought to bring a new supermarket, six-screen cinema and TK Maxx store there.
However, the proposals had stalled several times with the developers and after a fifth deadline for the agreement passed on Friday without success, it has been decided to terminate the deal.
Council leader Louise McKinlay said the authority will now review their position over the project.
Mrs McKinlay, Conservative, said: "We had a contractual obligation with Stockland and we’ve taken independent advice throughout to ensure that we approached these negotiations in a correct and professional manner that minimises risk to the Council.
"The easy thing to do would have been to just sign but that would not have been in Brentwood’s interest and I have always said that I would do what’s best for Brentwood.
"Now that negotiations have concluded it is clear that this particular proposal will not fulfil our aims and ambitions for William Hunter Way and the council should consider other options for the future of this site.
"We remain determined to ensure that we make the most of this prime location and deliver a scheme that will make Brentwood an even more attractive destination for residents, visitors and businesses."
A council spokeswoman said the deal officially be over once the authority served notice to Stockland, although no official date for this has been confirmed yet.