A stark assessment, maybe, but an increasingly prevalent view among Preston's top business brains.

Not, of course, that they doubt the Tithebarn Regeneration, scheduled to be completed by 2014, will be anything but massively beneficial to the city.

But there is a growing concern that not allowing the private sector to play its part in Preston's future could see it miss a "golden opportunity".

Chris Scott, a solicitor at DWF, one of the city's biggest firms, draws a striking analogy with the recent regeneration of Tyneside.

For the scores of miners, shipworkers and builders driven out of Newcastle amid a decline in traditional industry, Tyneside is barely recognisable today.

With millions of pounds of public and private sector cash pumped into the city and neighbouring Gateshead, the area is thriving.

But in nearby Sunderland, according to Mr Scott, the picture is quite different.

Whereas Newcastle and Gateshead's combination of public cash and private innovation has seen the city undergo a remarkable rebirth, the millions pumped into Sunderland have failed to prompt a similar boom.

Why? Because, he says, private sector designers, builders and innovators have not had anything like the same look in.

The warning came at a meeting of some of Preston's key movers and shakers at a Lancashire Property Forum hosted by lobby group Preston Downtown in Business.

Speakers said, regardless of its benefits, Tithebarn could yet stand in the way of Preston becoming a "tremendous city" – because council bosses are rejecting private sector ideas.

This includes the millionaire Patel brothers' attempts to build on Shepherd Street and regenerate a run-down area – rejected by Preston planners because of Tithebarn.

The Patels' plans for a £100m Guild Legacy Building on the old Tradex site also look likely to clash with plans for a multi-storey car park for John Lewis.

Mr Scott said not letting other developments get a look in is driving private sector talent away from the city.

"The finger has perhaps been pointed at the developers (for not doing more) but I'm not sure this is true. The planning process is outside their control and there are concerns it is being manipulated until Tithebarn is a reality," he says.

"What the private sector does best is innovate, but are they being allowed to do that in Preston or is innovation being stifled? I know at least one developer that is looking at pulling out already.

"There must be a partnership between the public and private sector and, at the moment, public sector plans are standing in the way of that.

"Tithebarn would be a great thing, but it is only one element of a design that could be a tremendous city. When I was last here I spoke about the difference between Newcastle-Gateshead and Sunderland.

"Newcastle-Gateshead is like Preston and South Ribble. They were rivals but they put aside their differences for mutual benefit.

"Millions has been pumped into Sunderland but it is not the same."

Alban Cassidy, of Cassidy and Ashton, the architects behind some of the Patel family's schemes is equally concerned about the city's future.

Mr Cassidy said: "If the Patels' visions of a legacy for the Guild is to be quashed because of Tithebarn, what exactly will the 2012 legacy be?

"The council has spoken of its desire to make international standard architecture part of Preston's regeneration, without much idea as to what that might be.

"This (The Guild Legacy Building) is the sort of scheme that, unfortunately, Tithebarn is holding back because that site is proposed for a multi-storey car park," he explained.

"This has an element of the wow factor. Something on a grand scale."

Frank McKenna, chairman of PDIB, adds: "There has been a debate around the city about how welcome the Tithebarn development is.

"Some think it has not been a help but a hindrance in terms of other people not being able to develop."

But Preston Council's regeneration boss Coun Anthony Gornall said: "The private sector must get involved with regeneration but that particular sector of the city has been earmarked for Tithebarn and we can't afford to throw hurdles in the way of the regeneration.

"There are a lot of schemes the private sector can get involved with and a lot of areas that need regenerating."