AN air of mystery still surrounds Surrey County Council’s investment in the Brightwells regeneration scheme, after the council declined to confirm rumours that it has pledged more than £50 million for the re-development of Farnham town centre.

Surrey’s investment in Brightwells has come under intense scrutiny in light of widespread cuts to public services this summer, and chairman of The Farnham Society, Alan Gavaghan, claimed in a letter to The Herald on July 27 that the county council’s proposed investment has jumped from the ‘around £30m’ figure confirmed by the council in February to a sum “closer to £50m”.

This figure, if correct, would correspond with the ‘£57.7m’ value of Brightwells’ commercial element cited in the Department for Communities and Local Government’s ‘Growing Places Fund’ report in October 2014.

Responding, a Surrey spokesman declined to confirm the true scale of the county council’s investment, but did confirm that the final figure is “dependent on the success of the scheme” and that Surrey is yet to sign a formal legal agreement for the development.

“The terms of the commitment to purchase remain commercial in confidence,” the spokesman said. “However it can be confirmed that the price paid for the completed investment will be dependent on the success of the scheme. In the event that the scheme was entirely let upon completion, this would trigger the maximum payment.”

The spokesman added no formal agreements have yet been entered into with Waverley Borough Council or the developer, Crest Nicholson.

“We are taking professional advice from lawyers and property consultants in relation to the technical and legal due diligence necessary for a scheme of this size and complexity,” the spokesman continued. “As a result, there is further work to be completed prior to us formally entering into any agreements.”

Waverley also confirmed this week that it is yet to sign an “unconditional contract” with Crest Nicholson, one month after its leader Julia Potts declared that construction of Brightwells is finally set to commence this summer after 14 years of delays.

Speaking to The Herald just weeks after a High Court judge dismissed a legal challenge against the development, Miss Potts said the council and developer were in the process of completing the final ‘pre-commencement tasks’, adding if all goes to plan “Crest Nicholson should take possession of the site later in the summer”.

However, a Waverley spokesman added this week that the target date for the completion of the pre-commencement tasks is dependent on the finalisation of the ‘unconditional contract’, with talks ongoing.