Woking council is seeking £57.7m in government funding to allow the completion of 380 homes in three phases of a regeneration project halted due to the local authority’s financial troubles.

The Sheerwater project, which was originally intended to deliver 1,142 homes, is now set to deliver 472 homes in total. The rest of the development will now not go ahead, under a new plan set to go before councillors tomorrow (Thursday).

The authority, which in the summer issued a section 114 ‘bankruptcy’ notice, is also considering forward selling the homes and land in the three phases under construction, with the exception of 106 existing properties which will be refurbished.