The plug has been pulled on an agreement to convert one of Swindon’s most iconic buildings into shops and flats.

Swindon Borough Council has lost patience with developer Steve Rosier, who had plans to convert the crumbling Corn Exchange - or Locarno - in the High Street in Old Town.

Mr Rosier had missed a number of deadlines to get a properly-funded formal planning application into Euclid Street and the authority met with him today to say it was revoking its agreement with him and the building’s owner, Gael Mackenzie.

Although in private hands, the council owns land around the building needed for any conversion to succeed.

A council spokesman said: “A lack of progress on plans to rejuvenate Old Town’s Corn Exchange has forced Swindon Borough Council to initiate its internal authorisation process to seek to terminate a development agreement for the scheme.

“The regeneration of this important heritage site remains a key priority for the council.

“In November 2016, the council entered into a development agreement with the owner of The Corn Exchange, local businessman Gael Mackenzie, and Swindon Corn Exchange Limited led by Steve Rosier, to turn Swindon’s Corn Exchange and Old Town Hall buildings, better known locally as the Locarno, into apartments, restaurants and mixed commercial use.

“The council will therefore initiate its internal authorisation process to seek to terminate the development agreement to prevent any further delay of the development of the Corn Exchange.”

Dale Heenan, the Conservative cabinet member for the town centre, said: "The Corn Exchange is a key part of Swindon's heritage and it is a prominent building in Old Town.

"I cannot continue to stand by while nothing happens. ‘Enough is enough’ is our clear message. Due legal process has to be followed, but I believe the building owner, Gael Mackenzie, must find a new developer because the current team are not up to the task.

"The council has done everything possible to support the owner and developer. Over a decade has been allowed for restoration to become a reality. Milestones and deadlines are missed and no viable plans have been submitted. This has consequences.

"I also do not believe there is the financial backing needed to follow through on restoration.

"We are not inches away where providing more time, another extension and another year is going to work. The Corn Exchange is still on the drawing board. Gael Mackenzie needs to find someone who has a proven track record, to deliver a restored building.

"At one end of Wood Street is a bar with his name over the door, Mackenzie’s, and at the other end is this sad sight of a building.

"Restoration with a viable business plan is possible with a little imagination. In my first year as cabinet member, I wanted positive progress made on the future of the Mechanics' Institute and it has happened. 2020, my second year, must be when things change for the better for the Corn Exchange.”

Old Town councillor Nick Burns-Howell added: "My number one objective in 2020 is to see positive progress made on restoring the Corn Exchange. It is an important part of Old Town’s heritage and we need action, not words.

"This is the right decision because there is no sign restoration will happen anytime soon. I call on Gael Mackenzie to take this situation by the scruff of its neck, find a new partner and get moving.

"There is clear community support, and political will, to find a solution to the Corn Exchange but Mr Mackenzie needs to find someone who will deliver.

"It is frustrating because we all know that using this historic environment as an asset, and giving it new life, will form one of the cornerstones of the continued economic and social success of Old Town."

Mr Rosier has been approached for comment.