A PLAN to turn Alton's United Reformed Church into three town houses could mean the end of a dream for the Holybourne Players.
The company had hoped to turn the listed building into a 153-seat theatre, to replace their ailing building in London Road but, after five years of negotiations and planning time, it seems, time has run out for the thespians.
While in no way blaming the company for the delays, the owner of the premises, PMC Construction and Development Services of Portsmouth, has decided to call it a day and look at an alternative use.
"They are a small company who are out of their depth," said PMC managing director Patrick McGee who, with Alton architects Format Milton, has put a great deal of time and money into trying to make the theatre project work.
He believes there is now no way that the cost of refurbishing the church for use as a theatre can be met without considerable lottery funding.
And this, he points out, could not be achieved unless the building was available for community use - a move which the independent theatre company had always resisted.
They were of the belief that the sale of their own land, complete with planning permission for three houses, would cover the cost - not so, says Mr McGee.
He explained that the original idea was that PMC would buy the building at auction, which it did, and refurbish it in exchange for the Holybourne Theatre site.
But even at that stage he had suggested investigating additional sources of funding "to bridge the gap".
Now, he believes the value of the land for building would definitely not meet the cost of converting the church into the type of theatre the company would like to see.
Over the years their ideas on the type of building they would like have grown, he believes, out of proportion to what they can afford.
"The vision from the outset was for a building which would be decorated and heated and on which they could work over the years to improve and enhance, but it has now developed into the 'full monty' which could only be sustained as a working theatre with a full time manager. They are thinking too big," he said.
He is particularly frustrated because the time could have been used to submit grant applications, and because opportunities for help have been missed - he was thinking in particular of CAPS - the Alton Conservation Area Partnership Scheme.
Even if the company were to apply for lottery funding at this late stage, Mr McGee has visions of it taking another two to three years for things to be sorted out, by which time the building could have deteriorated beyond reasonable repair.
PMC has carried out vital repairs and maintenance of the building over the years, at no cost to the theatre group, but it now wants to move forward. As such it has submitted an application for change of use, together with conversion of the existing premises, to form three large three/four bedroom properties in the centre of town.
Mr McGee believes the application would bring the building back into use while tidying up a prominent site in the town by providing enabling funds to restore and repair the church to its former glory. It would also make good economic sense.
For Holybourne Theatre chairman, John Priddle, news of the three-house plan had come completely "out-of-the-blue". As far as he is concerned, the company is still dealing with the builder and negotiating prices.
While planning permission has now run out on their own site, members are planning to resubmit an application, increasing the number of proposed houses from three to five, in line with new government guidelines on density, and they have formed a limited company in order to overcome the issue of personal liability for the development of the church to a theatre.
He understands, however, that the builder can do what he likes with the church. "We haven't signed any contract yet, but I am disappointed that, following a five-year association, we haven't been informed of the application," he said.
Owner of the Palace Cinema, Raj Jeyasingam, is opposed to the new homes plan believing that the church should be retained as a public building with a hall which can be used to provide entertainment for Alton's ever increasing population.
He fully supports the Holybourne Theatre application and would welcome the opportunity of being able to put an additional screen there for times when he is showing a film which would attract a larger audience than he can currently cater for.
He points out that his is the only cinema for miles around, with audiences coming from as far afield as Farnham, Petersfield, Haslemere and Hook to enjoy the little cinema "with the personal touch." But, he says, without the addition of Bingo his business would be running at a loss.
A bigger second screen across the way would enable him to show blockbuster films to a larger audience and with wheelchair access.
The former manager of the Granada, Tooting, which is a well-known grade one listed building, if Mr Jeyasingam had the church building he would be keen to enhance it.
"I would like to leave something to the town," he said.