Speculation that building work on the former Tesco site in Trowbridge could take another five years to materialise has been met with concern by business leaders.

Wiltshire Council’s vision director for Trowbridge Adam Nardell, who met representatives of Legal and General Property (LGP) at County Hall last Thursday, said it could take that long to secure the right deal for the three-acre brownfield site off St Stephen’s Place.

“It’s going to be quite a few years before residents see anything there,” Mr Nardell said. “We would rather they take a bit longer and come up with the right scheme there.

“From a Transforming Trowbridge point of view, we are delighted they have bought the land. They are not a ‘here today, gone tomorrow’ kind of developer.”

But Mike Williams, chief executive of the Wessex Association of Chambers of Commerce, which has its headquarters in Trowbridge, said people were desperate for work to start.

He said: “Legal and General haven’t bought this to wait for five years – they will want to see it developed.

“We would like to see it developed as soon as possible. One appreciates that in this current climate it is not going to be easy, but there are always opportunities.

“It’s been very disappointing that one has heard of various projects yet we still have hoardings around the site.”

Former West Wiltshire District Council leader and town councillor Graham Payne said: “We have had so many false dawns on these sites that the majority of people in Trowbridge no longer hold their breath about it.

“If we’ve got to wait five years we better make sure it’s something we want.”

Fellow town councillor Tom James added: “We’ve got to hope for faster than five years otherwise it’s not good news at all.”

Gordon Aitchison, head of transactions at LGP, said it was too early to discuss timescales, but confirmed negotiations would continue with the council, as well as other interested parties.

“It’s early days. We have only just completed the purchase within the last few days,” he said. “It’s an important gateway site to Trowbridge and I know there has been a long and chequered history.

“There is pre-let interest in the site and we will be doing all we can to bring it forward. It has been empty far too long.”

A meeting will be organised between LGP and traders and market stall owners in Castle Place to discuss ways to improve the mix of tenants there, as well as the look of the precinct, which was built in the 1970s.

Mr Aitchison also said it would make sense for it to take over the multi-storey car park owned by Wiltshire Council, but said no discussions had taken place so far.

Mr Nardell said Wiltshire Council would consider handing over the car park, as long as the same number of spaces were retained.

Mr Aitchison also confirmed his firm has held talks with Parkridge, who own the adjoining Peter Black site, to see if there is scope for a joined-up development.

St Stephen’s Place was nicknamed Mount Crushmore by locals, because after the Tesco store was demolished a pile of rubble sat on the site until 2008. It became a symbol of the lack of progress being made.