COLCHESTER’S first park and ride scheme is to finally become a reality after a £5million loan to Essex County Council was earmarked for the project.

The long-awaited congestion-busting project had stalled because the council did not have the funding available to build it.

The park and ride bid, led by Colchester Council, would see Essex County Council repaying the loan after work is completed – by September 2013 at the latest.

The money would pay for a 650-space park and ride at Cuckoo Farm and a bus lane through the former Severalls Hospital site, currently being redeveloped. Around £1.7million has already been secured for a bus lane on the Northern Approach Road.

Colchester Council leader Anne Turrell said: “I’m really excited. Essex County Council had to put it back a year due to capital funding issues which all councils have and between us we applied for this funding so we can get this moving.

"The sooner we have park and ride in Colchester, the easier it will be to cut congestion in the town.”