Building a housing development on Gunnersbury Park may be the only option to save the historic site - financial consultants have revealed.

In a meeting last week they explained that costs to save the deteriorating park and buildings managed by Hounslow and Ealing councils, have now risen from £20m to a huge £39m.

And if the preferred regeneration scheme was to go ahead, then they could only raise around £6.5m from English Heritage and Heritage Lottery Funding and a further £2m from the two councils.

The councils' financial consultants stressed at the meeting that the remainder of the money would have to come from the development of houses in the park along Lionel Road North.

Speaking after last week's Gunnersbury Regeneration Board meeting, Cllr Peter Thompson, Leader of Hounslow Council and lead member for Regeneration, said: "Councillors from both boroughs have looked at this time and again, and these proposals are the only way that we can see of resolving the matter and safeguarding Gunnersbury Park for the future.

"Nobody particularly likes having to do this, but there isn’t an alternative and funds need to be raised if the two mansions, the stable block and the gothic tower are not to simply be lost forever."

The proposal favoured by the council consultants includes converting the large Mansion House into a restaurant with exhibition and function space at a cost of £8m.

The small Mansion would house the relocated Gunnersbury Park Museum and the orangery would be converted into a tea room.

Developing a £13m sports hub on the land is also included in the preferred proposal.

Councillor Adrian Lee, Hounslow Council’s Executive Member for Leisure, said: "There are a number of buildings within the park that are on the English Heritage "at risk" register, which will cost several million pounds to fully restore.

"We’re determined to restore all of the historic buildings in the park, along with landscape features such as the Japanese Garden and possibly even the Horseshoe Pond. We also want to restore the sporting facilities and create a new sporting hub for local youngsters in association with Brentford F.C.

"However, Ealing and Hounslow councils simply do not have the money available to pay for this, so we’ve had to look at other options to see if there is a viable way forward."

Both Councillors Thompson and Lee agree that they have no intention of making any decisions about the park's future without involving the community with a consultation taking place this summer.

The consultation will include realistic options for the park, what benefits each could bring and what their cost would be.

For more information visit www.hounslow.gov.uk/gunnersbury