One of the worst fallouts from Woking Borough Council’s bankruptcy is set to reach its long-overdue conclusion, allowing a fractured community to finally heal.

The council has agreed a series of measures it hopes will allow the project, which began with residents decamping almost a decade ago, to be completed.

The original vision was approved in 2017 and included 984 homes, a new retail centre, sports and leisure facilities, a community centre, a health centre, and other amenities. Residents were soon moved out to make way for the bulldozers.

The homes most in need of regeneration were left until last, and then, in 2023, the project stopped when the council went bust, meaning they were never replaced.  It left a half-built construction site and a large number of vacant, derelict properties.

This deal, agreed at the October executive committee meeting, should allow the project to be completed by private developers and the community to be made whole.

The council has now committed to finishing a permanent access road so building work can be completed, and vacant land transferred to developers can start the final phase of housing.

It will also use £4.4m to take over the remaining 31 leaseholds held by its own company, Thameswey Housing, to fast-track the firm’s sale.

Councillor Ian Johnson, portfolio holder for housing, said: “(These are) essential actions to resolve outstanding land titles, planning and highways matters arising from the Sheerwater regeneration scheme.

“It’s vital in ensuring both Thameswey Housing and the remaining council development parcels are fully ready to be sold.

“Effectively what we’ve got is various project spaces that we are not developing which are going to be sold. And separately selling Thamewey Housing.

“We want these to be in a position where we can actually sell both.”

He added that the council had marketed its company earlier this year and had received a strong response.

He said: “Taken together, these proposals hope to achieve two important objectives supporting the completion of the Sheerwater regeneration program and maximising the value to be generated from the sale in Thameswey Housing.”

He added it would provide clarity to prospective investors,  create disposal-ready assets, and ensure outstanding legacy matters were resolved ahead of local government reorganisation.

Cllr Deborah Hughes (Liberal Democrat: Hoe Valley) told the committee she had been involved in the Sheerwater regeneration project for more than 10 years and was pleased the project was finally coming to a conclusion.

Leader of the council, Cllr Ann-Marie Barker, said: “It should hopefully mean that the much-awaited finalisation of the sale of some of the land might be able to go ahead.

“We’ll then get the rest of the project delivered by private partners, something that we can’t do ourselves as a council because we’re unable to access any more funding.

“We will have delivered against all the planning requirements of the current phases, and we can finish Sheerwater. 

“And all of Sheerwater will be a living, breathing community rather than having little sections of community, many of which are thriving and active, but not really connected together in the many ways.”