ANOTHER of Woking’s flagship projects is under the microscope as the borough council’s debt crisis tightens its grip.

The high-profile Sheerwater Regeneration Scheme is being reviewed as part of the council’s continuing scrutiny of ThamesWey, its wholly-owned subsidiary. ThamesWey is running the Sheerwater development on behalf of Woking Borough Council.

The review follows the decision of the ruling Liberal Democrats to pause the £115million Victoria Arch widening scheme last summer, in the face of spiralling costs and extended road closures.

“We are reviewing the Sheerwater scheme,” said Cllr Ann-Marie Barker, leader of the council.

“A review was always planned to take place at a key staging point in the project and now is that time. We are looking at whether we can use another resource to deliver homes, approaching housing associations to see if they might take on some affordable home provision.

“And we are reviewing detailed plans to see if there are alternative ways to deliver whilst still providing a mix of affordable and market homes.”

To maintain ThamesWey’s business plan in full for 2023 would require further council borrowing of up to £83million, and Sheerwater is the most costly element of those plans.

Documents presented to last Thursday’s executive committee meeting of the council show that there will be a review of each of the phases of the Sheerwater scheme by the company and the council to the end of May. 

Then, the documents say, “The council will consider what it then asks the company to proceed with, defer or cease”.

“In the past these business plans have been accepted with little scrutiny,” Cllr Barker added. 

“We are now taking a much more detailed look at how ThamesWey delivers on the council’s strategic priorities. 

“Given the financial situation of the council we need to find ways to do things more cost effectively or with new innovation to match our budget constraints.”

The council website describes its aim of creating a “garden suburb” through the Sheerwater Regeneration Scheme, a “stronger and more sustainable community” of some 1,200 new homes and community facilities.

The massive project was approved by the council in 2017.

 “The scheme is in phases,” Cllr Barker said. “Phase one, Fairfax and Murray Place, has been delivered. These are the flats and townhouses just opposite Asda on Albert Drive. 

“They are half and half affordable and market rent properties.

“Copper and Red phases are due to complete this year. Plans are worked up for the next phase, Yellow, and there are three further phases. The review will confirm the next steps. 

“We are aiming for revisions that enable us to deliver homes more quickly and in the most cost effective way for the council.”

Leisure facilities have also been completed as part of the project, including the impressive £26million Eastwood Leisure Centre, which opened to the public and use by Bishop David Brown School in 2021.

As part of the wider ThamesWey review, a sale of the loss-making ThamesWey Central Milton Keynes company is being considered.

“It provides combined heat and power to business and residential properties in Milton Keynes,” Cllr Barker said.

“It doesn’t have any direct benefit to Woking residents and would be better operated by a specialist in the field. Unfortunately, the previous administration left this to drift, borrowing more for a business outside the borough.

“This is the only part of ThamesWey that we are considering putting on the market.”