ONE of Wirral’s key regeneration schemes has had a key element shelved because of the economic slowdown.

Neptune Developments last night confirmed it would be holding back on the rest of the development which had been planned to be built along with the new Floral Pavilion theatre, in the first phase of the development.

But the company has now agreed to rent the land to Wirral Council for a nominal fee to be used as a car park.

The apartments had been marketed as the “Rococo Square complex” and was intended to create a new town square on Victoria Parade along with family-orientated restaurants and bars.

However, Neptune insisted last night that the second phase of the development – anchored by a Morrisons supermarket – still remained on track.

Earlier this month, the Daily Post revealed that Premier Inns had pulled out of the £60m New Brighton redevelopment.

Neptune has outline planning approval for the second phase of their ambitious redevelopment of the Wirral seaside town, won after a public inquiry threw out the original scheme after some fierce opposition from locals.