Wokingham Borough Council has confirmed that its Carnival Place housing development on Wellington Road remains projected to deliver a net loss of £1.3 million as sales continue to complete.
Background to the scheme
The 55-unit scheme, described by the council as the final element of the town centre regeneration, has endured a protracted and troubled delivery period. Council papers and a statement at last week’s full council meeting set out a history of contractor failures, pandemic disruption and the wider economic impacts associated with recent years.
Despite those issues, the borough’s executive councillor for housing, partnerships and the local plan said the building work has been finished and people are now living in the development. To date, the council has recorded sales of 10 units and a further 12 reservations.
"The Carnival Place development is the last piece of a major construction works within the enormously successful and award-winning Wokingham town centre regeneration project... The units are on the market, and most importantly, we now have residents living in the development and being able to enjoy the quality of the building and its surroundings," the executive councillor said.
Financial position and accountability
The forecast shortfall of £1.3m is unchanged from the figure reported by the council last November. The councillor noted that the projected loss will be updated to an actual figure when all sales settle and final capital receipts are confirmed.
The council also emphasised the funding arrangements for the wider regeneration, stating that borrowing for the scheme is repaid from specific income streams rather than from general council tax. No further details on the exact income streams were provided in the public update.
What the numbers look like
| Item | Number |
|---|---|
| Total flats | 55 |
| Completed sales | 10 |
| Reserved | 12 |
| Projected loss | £1.3 million |
Local councillors have previously pressed for clarity on both the delivery problems and the final cost to the taxpayer. The council’s position that the regeneration project overall has delivered benefits for the town centre sits alongside these financial concerns.
What happens next
- Sales will continue to be processed by the council’s selling agent; final capital receipts will determine the actual loss or gain.
- The council has said it will report the final outturn once all sales are complete.
- Residents and councillors can expect further financial updates at future council meetings when receipts are confirmed.
For residents concerned about the use of public funds and the long-term success of the town-centre regeneration, the key questions now are how quickly the remaining units will sell and whether the final receipts will narrow the council’s forecast shortfall.
