A MULTI million-pound car park heralded as the start of a major town centre regeneration project might not return a profit to council coffers until the end of the century.

The Whalebridge car park, in Islington Street, was built by Swindon Council, with work paid for using a £12.4m loan, and opened in December 2013.

Now, figures released through a Freedom of Information request have shown that between the opening and the end of February 2015, it made a profit of £217,000.

Therefore, even without any interest charges, it would take 72 years before the total amount of the loan to be matched at this rate.

However, to make matters worse the council is having the pay off the loan at a rate of about £840,000 a year, meaning there will be a deficit of almost £700,000 during the loan’s lifetime unless there is a dramatic upturn in usage.

The car park has 850 spaces and its completion marked the end of phase one of the Kimmerfield Development, which will transform that area of the town.

Usage of the car park has fluctuated in recent months. During October 2014 there were 21,000 users but this dropped by several thousand in the following months.

Despite the figures, council chiefs say the car park was a key part of the Kimmerfield Development and in the long-term will bring many benefits to the town.

Coun Garry Perkins (Con, Haydon Wick), the cabinet member for regeneration, said: “We see this car park as an investment in the future. Whalebridge was the end of the first phase of the Kimmerfield development and meant the rest of it could start.

“It was built for the 3,000 jobs which will come when everything is finished so to have it in use now is an add on. There is a lot of investment in that part of the town, including a new museum and art gallery which the car park will serve. These figures don’t take into account additional business rates we will receive.”

He added: “If we did not do this then Swindon would become an economic backwater.”

When completed Kimmerfield will see thousands of square feet of office space built along with a hotel and shops. Coun Perkins says that none of this could happen if Whalebridge was not built.

Labour opponents have long lambasted the decision to build the car park and say the latest figures show the Conservative regeneration programme is flawed.

Coun Mark Dempsey (Lab, Walcot and Park North) said: “They have wasted £12m on a car park no-one wanted, no-one is using, and is not even covering its costs.

"Instead we need real regeneration for Swindon and they should have followed Labour’s advice and focused investment on projects which would have made the biggest difference, such as an art gallery museum or crossings across the railway line to link to the Outlet Village.”