Lend Lease has lost its role in a A$370m town centre redevelopment project in Melbourne's northeast.

Banyule City Council terminated its relationship with the developer after citing delays connected to rebuilding Greensborough pool, the cornerstone of a proposed town-centre redevelopment.

The council, which needs to begin work on the $45m pool project by next month to qualify for $5m of stimulus funding, has decided to go it alone, ending a five-year development partnership with Lend Lease.

The Australian