WITH its riverside setting and streets steeped in history, Abingdon surely holds the potential to flourish as a thriving market town.

But with the latest failure of the Guildhall redevelopment, residents might wonder if promises of various projects are as empty as some of the town's once-treasured buildings.

Abingdon Town Council's multimillion pound plans to transform the drab building fell flat last month, after cost estimates came back at almost £1m over-budget.

Friends of Abingdon Civic Society chairman Bryan Brown said the revelation was 'greatly disappointing'.

He said: "We need to regenerate the town. We need a vision, wherever it comes from. We try to be positive but it is a disappointment when you've got major buildings in the town – like the Guildhall, Old Abbey House and the Upper Reaches – in abeyance.

"Abingdon is a wonderful place; a fantastic town. We are lucky to live here. Retailing has definitely improved and there are fewer empty shops, and a lot of great pubs. But it's a growing population, especially with the housing planned in the north of the town. I'd really like to see a cinema – if the councils have said Guildhall isn't viable for one, then let's suggest another site."

Several other projects have been promised by Vale of White Horse District Council, at least one of which – the £50m redevelopment of the Charter – was quietly abandoned.

Council leader Matthew Barber said the council was still committed to improving the town.

He said: "We are working closely with Abingdon BID and the town council to improve the town's economy. We have already started work on making significant improvements to Abbey Meadow, which will help attract more visitors to the town, and are continuing to explore options for the development of the Charter area."

The council also succeeded in selling former prison the Old Gaol, although it is thought to have lost £3.1m on the sale price due to the recession.

Developer Cranbourne created luxury flats and three restaurant units, two of which remain empty alongside the new Costa.