A CONTROVERSIAL waterfront complex is being sent back to the drawing board after the company behind it discovered it would cost £100,000 to resubmit a planning application.

Lead Asset Strategies (Liverpool), wanted to build a 360-apartment block and five-star hotel at Princes Parade – known as New World Square – but planning permission for the scheme expired in December.

Victor Chowdhri, director of Lead Asset Strategies, re-submitted the plans but has now withdrawn the scheme.

He said the company had been hoping to take advantage of a change in rules that could have seen it cost as little as £500 to resubmit the application.

But, due to a delay, it meant the company was facing the costs of essentially submitting a new application, which would cost more than £100,000 in fees.

Given the downturn in the property market, Mr Chowdri said the company had decided to “tweak” the scheme before submitting the plans.

He could not say when new plans would be submitted or when work would start.

Last night, campaigners against the scheme said they were pleased by the news the project was now facing an uphill struggle to get planning permission.

Cllr Nick Small, who represents the city’s central ward, said: “I don’t think the proposal stacks up in the current economic climate, and there is a question mark over whether it would get planning permission with the new World Heritage Site planning blueprint in place.

“Residents were unanimously opposed to this.

“I am pleased it has been withdrawn and I am confident if they re-submit they are going to have their work cut out to get planning permission.

“There will be a massive amount of opposition from residents and heritage campaigners.”

In January, Lead Asset Strategies insisted it is still trying to get bank loans so it can go-ahead with the project, which is part of the huge Liverpool Waters masterplan.

At the time it said it had luxury hotelier Langham signed up to run the top-class hotel.

Last night, Mr Chowdhri said: “We own the land there and we full intend to go for it.

“We are tweaking the scheme at the moment and it is with the architects.

“It is a completely different economic climate now, so we are tweaking the mix of residential, offices and the hotel.”

He said he was sure the scheme would still fit in with the World Heritage Site blueprint as the original design had been approved the government’s architectural advisory body the Commission for Architecture and the Built Environment (CABE).

He could not say when the new plans would be submitted, but insisted it would be soon.