Developers have walked away from a £30 million hi-tech business centre which was due to create 1,500 jobs in the Aire Valley.

Work on Bingley Technology Park was expected to start last month but the plans have been scrapped as a result of the global economic slump.

Hundreds of thousands of pounds have already been ploughed in to the project at the Coolgardie Farm site, opposite Bingley Grammar School in Keighley Road, but developers say the venture now makes “no sense whatsoever” in today’s financial climate. The shock announcement by Stephen McManus, director of Bingley Technology Park Ltd, follows the collapse of Bradford development company Asquith Properties last week.

Asquith was forced into administration with its managing director Russell Baker blaming the “worst market conditions in living memory”.

Mr McManus also claims that regional development agency Yorkshire Forward withdrew its support for the technology park which was due to be an integral part of the Airedale Masterplan to create a thriving corridor of hi-tech industries along the Aire Valley.

Problems at the site, including high levels of methane being found, would mean a further £1 million investment just to get “a level playing field”, said Mr McManus.

He said: “Yorkshire Forward has said to us that it cannot support us, it is not a priority. It had said it could potentially help with infrastructure and finding users.

“We are very disappointed, we have spent three years doing it and have spent an awful lot of money, hundreds of thousands of pounds. In the current economic climate, we have taken the decision not to pursue this project.”

A spokesman for Yorkshire Forward said: “Yorkshire Forward supports the Airedale Masterplan which proposes the development of the Airedale Corridor, a strategy that will bring creative businesses to the area.

“Bingley Technology Park is part of the Airedale Master Plan. Yorkshire Forward has had no direct involvement in this project other than to offer support to Bingley Technology Park Ltd and we will continue to be available, if and when, there is a role for Yorkshire Forward in moving the project forward.”

The park was set to create 1,500 jobs and a key element of the development was to create work/live units designed to support employees or entrepreneurs working from home. A three-storey hub, including meeting rooms and internet cafe, was also envisaged, along with office headquarters.

Supporting the move was Cottingley-based Advanced Digital Institute (ADI), a company aimed at supporting the growth of hi-tech companies through the provision of research and development. ADI did not want to comment on the scrapping of the scheme.

Bradford Council’s executive member for regeneration, Councillor Adrian Naylor, who is also chairman of the Airedale Partnership which is implementing the Masterplan, said: “We are obviously disappointed to see the developers not continuing. We still have confidence in the site and the development of the Airedale corridor with regards to advanced technology.

“We have had great success with Advanced Digital Institute and the recent purchase of Shipley-based Filtronic.”

Bingley Councillor David Heseltine (Con), said: “It is a pity that this scheme could be suffering due to the financial fall-out sweeping the country.

“It was a major component of the Airedale Masterplan and it would have brought a significant amount of good jobs and kept some of our skill-bases in the district.”

Mike Osborne, of Leeds-based consultancy Arup, which drew up the Masterplan in 2005, admitted he was “disappointed” but he said: “There are other schemes around that are interested in other areas in Airedale – this is just part of it.

“The good thing is that there is planning permission there for it, so it is a site that is oven-ready for businesses which might want to come into the area in the future.”