HS2 threat to Measham village plan in Leicestershire
Developers fear the HS2 rail line could wreck their plans for a £40 million regeneration scheme in a former mining village.
A consortium of builders wants to construct 450 homes off Burton Road, Measham and dig 800 metres of canal to make a wharf-side development with offices, shops and bistros.
The scheme now hangs in the balance after it emerged the proposed 250mph rail line linking Birmingham to Leeds cuts through the site.
Bernard Wilson, from the Measham Land Company consortium, said: "It goes through part of the site and the nearby Westminster industrial estate.
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"If it were to go ahead, it would render the development un-doable.
"It is a body blow as these plans have been in the making for some 15 years and would be great for Measham."
Mr Wilson said the consortium was on the verge of submitting a planning application to North West Leicestershire District Council.
He said the consortium and Leicestershire County Council were going to approach HS2 bosses to ask them to modify the route.
He said: "I am not an engineer, but by my reckoning if they were to move the route to the north by 250 metres to 300 metres it would avoid the industrial estate and our site.
"It won't be stopped, but we hope we can get the route altered."
The Government, which owns HS2 Ltd, has said the £33 billion project would boost the economy and bring "the UK's Victorian railway infrastructure into the 21st century".
Politicians in Leicestershire have said the scheme would be all pain and no gain for the county as the nearest proposed station is at Toton, between Nottingham and Derby.
County council leader Nick Rushton has warned the line could scupper the proposed Roxhill rail freight depot near Castle Donington, which is set to create 6,000 jobs.
Coun Rushton said: "To fight this, we will have to make a case that it will harm the economy.
"There have been discussions with HS2 about Roxhill but this will also mean a hotel in Appleby Magna would have to be flattened, it could harm another rail terminal plan near Ashby and rule out a development that is crucial for Measham."
He said the waterway plan for Measham would turn it into "a little Venice with a working canal".
HS2 officials said the company was contacting all land and property owners who would be affected by the route to let them know about compensation, potential compulsory purchases and consultations.
HS2 director Ian Jordan said: "It is inevitable there will be some anxiety but this is the beginning of the process not the end."