Grand plans to build a £30 million car park on top of a Black Country train station are being revised due to a lack of cash.

The move was a key part of creating a £176million bus and rail interchange in Wolverhampton, which would have boosted parking spaces around the station from 675 to 1,200.

But developers are being forced to revise their original plans amid problems attracting investment and the collapse in land values.

The 1970s-built existing multi-storey is now likely to be kept and extended.

Work is already under way on the £22.5m bus station as part of the Interchange project, but the rest of the scheme, involving the replacement of the rail station, new canalside bars and a hotel, currently lacks funds.

Options including keeping the current 400-space car park and adding another 300-capacity deck are now being considered.

Liverpool-based developers Neptune wants to reduce the £30m cost of building a car park on top of the new rail station.

The move could delay the scheme, which is meant to be complete by 2013 and was supposed to receive planning permission by early 2011.

Development director Rob Mason said: “If we look back to three years ago we had commercial values that could support the scheme and there were significant public sector grants as well.

“Things are getting better but have not improved enough to enable us to drive all the scheme forward at this point.

“A completion date would depend on what the final project will be but we are absolutely committed to it.”

Another option could see the existing car park demolished and rebuilt with more spaces.

The hotel that was meant to be built in its place could go alongside the revamped multi-storey to mask it from public view.

It is hoped the 413,000 sq ft of office space at the canalside area of the Interchange scheme will attract both private companies but also the Civil Service, which is looking to relocate departments out of London in a bid to save taxpayers money.