Developers hoping to build new homes say they will raise money to secure public access to a well-used reservoir.

Property company Liberty Aldenham has announced its intention to submit a planning application for new private and affordable homes on land off Watford Road, Elstree, which borders the Centennial Park industrial estate.

With the future of Aldenham reservoir in doubt after Hertfordshire County Council announced it would not renew its lease past 2015, the company says it will commit to raising money for the reservoir.

A spokesperson from Liberty Aldenham said: "The money raised from developing the land, will allow the lake to be passed on to a community trust once the work is complete, allowing it to remain in community ownership in perpetuity.

"The development of homes will also deliver significant contributions to services as well as offer the opportunity to improve what is on offer at the country park currently.

"The lake improvement programme can only happen if the lake is seen as a significant community asset."

Aldenham lake in Aldenham Country Park is home to wildlife, a sailing club and a fishing club, and is visited by thousands of people each year.

The reservoir was constructed in 1793 by the Grand Junction Canal Company, which purchased 68 acres of the Aldenham Estate for £2,000 to create a lake which maintained water levels in the River Colne.

The 65 acre lake, which is now only 55 acres after repairs to the dam, was hand dug by French prisoners of war between 1795 and 1797.

A number of local authorities, including Hertfordshire County Council, entered into an agreement with the Grand Union Canal Company in 1938 to preserve the reservoir as part of the London Green Belt, and the site was later opened to the public in 1973.

But ownership will be handed back to freeholders Safari Investments in 2015, as the county council is no longer able to pay for dam repairs.

A spokesman for the county council said: "We have responsibilities as lease holder of Aldenham Reservoir until 2015. After that time these responsibilities will transfer to the landowners and it will be for them to decide on its future."

As the lake is in need of significant investment, the area is under threat of closure and could be lost to the public.

Training officer Richard Jenkins said: "We have been there for a long time, so our aspiration is to continue doing that under any agreement or arrangement that could be made with the ‘landlord’ or owners.

"If it were to close, the club in its present form would have no choice but to close. The lake is something worthwhile in the community and we would hope it can continue being just that."

People are being invited to submit their views on the proposed housing development, which developers say could help raise enough money to keep the lake open.

No plans or applications for the development have yet been submitted to Hertsmere Borough Council.

A website has been set up, which includes a feedback form and additional information and can be found at www.aldenham4you.co.uk or residents can call 0800 148 8911 for more information.