Developer Ashwell and Bank of Scotland Corporate are exploring new ways to fund the £800m CB1 development in Cambridge.

CB Richard Ellis is advising Ashwell on its options, which could involve selling a stake in the project.

A spokesman for Ashwell said: ‘We are reviewing a range of funding options to take CB1 forward to the next stage of the development process.’

Ashwell founder Paul Thwaites has also stepped down from his role as chairman and chief executive of the Cambridge-based property company. Richard Goddin, senior non-executive director, will become chairman. Thwaites remains on the board.

The spokesman said: ‘We have two significant planning consents in place with CB1 in Cambridge and LandMarc in Chelmsford and have consolidated the company to deliver business as usual.’

Ashwell is also working with the bank on the £350m LandMarc scheme.

It is in negotiations with collapsed bank Kaupthing Singer & Friedlander regarding a £30m loan the bank provided for Ashwell to buy the site.