Plans to modernise the historic Ladywell Playtower, complete with a four-screen cinema and 33 private homes have stalled due to soaring inflation.

Lewisham Council and developer, Guildmore, had said the site would open in 2024.

The redevelopment of the historic bathhouse was expected to cost more than £7 million by Guildmore when the restoration agreement was announced last year.

The Deputy Mayor of Lewisham, Brenda Dacres, said the development costs have ‘significantly’ increased due to ‘fast growing costs and rising interest rates.’ 

Dacres, who was responding to question from the public last Wednesday said: “Work has not yet begun on the development. The developer with whom the council has agreed a long lease for the restoration and redevelopment of the Playtower site – Guildmore – informed the council recently of the challenges they are facing in delivering the scheme.”

The Deputy Mayor added that Lewisham Council are continuing to work with Guildmore to ‘identify the best way forward’ with the renovations.

It has been almost two decades since the building was last used as a community centre and was last occupied by the Ladywell Gymnastics Club.

The Ladywell Playtower was awarded Grade II building status in 2006, known for its significant architectural quality and Gothic style. It is one of the earliest surviving public bathhouses in the capital having been built in 1884.

It has since been listed as an at-risk heritage building by Historic England.