MILLIONS of pounds promised for the Gunnersbury Park project in what 'may be the last chance' to save it for future generations are being allocated after two years of negotiations.

Hounslow and Ealing Councils, along with English Heritage, have been working together for four years to rejuvenate the Grade II* listed park and its buildings, which have both fallen into a state of neglect.

Both councils have said the regeneration project may be the last chance to transform and sustain the heritage assets of the park.

They agreed action in November 2011 after two years of consideration, and at next Monday's cabinet meeting, Hounslow will finally look at allocating funding and appointing a preferred bidder.

Ealing Council has already confirmed £5 million from its coffers but Hounslow had only confirmed £250,000 up til now.

The cabinet will request £2.35 million from the council's capital resources to match funding from various avenues including two Heritage Lottery Fund applications and funding from Ealing Council.

As part of the council's planning agreement with nearby Chiswick Business Park, the cabinet will request the business development allocates £465,000 to help develop the project proposals and make priority repairs to listed buildings.

Hounslow Council's cabinet will put forward Alpha Plus Group, which runs a network of independent schools, as the preferred bidder for the park’s Small Mansion.

A spokesperson for Alpha Plus Group said: “We can confirm that we have expressed an initial interest in the ‘Small Mansion’ in Gunnersbury Park, which may prove to be an appropriate location for the expansion of the Falcons School for Girls.”

The bid is subject to Alpha Plus satisfying conditions which protect the councils' interest, including letting the public use the buildings.

The Gunnersbury Park project is estimated to cost £48 million and will be delivered in three phases over 15 years.