The Woolmead’s preferred bidder is set to be announced soon, and The Herald understands Homes England is confident the outcome will be “well received” by Farnham residents.

However, closer to home, a local bid is being prepared in a bid to secure what developers say would be the “best result” for the town.

Chapter One Developments, based on West Street, is teaming up with another Farnham developer to bid for the site.

Ashley Burton, of Chapter One Developments, said: “We have tried to get Homes England to meet with us to discuss what would be ideal for Farnham. However, we have been met with a brick wall.

“We have spoken to members of the community, from the university to the Farnham theatre and many more, to see what Farnham wants and needs.

“If Homes England goes ahead with these bids we could be left with something that Farnham may hate. This is not only about building on the site, it is also about unlocking the full potential of the east of the town centre. We want to do something for Farnham and we want to host a community open day at Brightwells Creative Space to display our bid and discuss what is best for Farnham.”

The bid would see Chapter One Developments join other Farnham-based developers to create a mix of residential and leisure space, including a theatre on the site.

A spokesperson for the Farnham Theatre Association said: “The Farnham Theatre Association (FTA) welcomes proposals from Chapter One to create a fully sustainable, community-led development on the Woolmead site.

“To include a theatre as part of the project will stimulate social well-being and economic growth in our rapidly expanding town. We feel this would draw a younger demographic to the town centre and strengthen the provision of live theatre in Farnham as a cultural asset to the South East.”

Homes England have been approached for comment about the potential bids.