The stumbling Sheerwater regeneration project has inched a step closer to completion after the finances behind their sales were agreed.

The sorry saga has crawled along since April 2017 when the now-bankrupt borough council (WBC) appointed ThamesWey Developments Limited to deliver 1,142 new homes and supporting facilities such as a medical centre and shops.

The plans, financed off £450m in loans, were left in tatters when WBC issued its S114 notice to complete the project.

Desperate to avoid leaving buildings vacant and unfinished, a last ditch effort to borrow £30m was agreed with the Government but the area has become a target for fly-tipping and other anti-social behaviour.

The remaining “unfinished” zones are being sold off at debt value, rather than the going market rates, with the first being offloaded for £3.03m.

That leaves three remaining plots the council is aiming to sell to private developers – although the finances of those are still being kept private.

Councillor Ian Johnson, cabinet member for housing, said the first sale had been agreed in November 2024, but delays meant construction had not begun.

He told WBC’s October cabinet meeting: “I want to see action take place in Sheerwater, stop negotiating, sign on the dotted line and get the thing done.”

Councillor Ellen Nicholson, deputy leader of the council, said: “I spent a couple of hours with a resident recently over in Sheerwater talking about flytipping.

“It’s such a shame that such a possible site for housing is not being utilised as quickly as we would like it to be.”

Councillor Dale Roberts, cabinet member for finance, admitted the site needed to be kept in a better condition while legal progress was being made.

He added that delays, while frustrating, were essential to make sure the project was done right rather than rushed into the ground unprepared.