It was announced in January 2013 that Notcutts would transform its Bagshot branch
into a purpose-built single site, sharing an entrance hall with Waitrose.
But now the garden centre operator has pulled out of the redevelopment, citing that it would not be financially viable for it to carry on with the project.
The site in Surrey closed on April 27 and a notice was placed on the company's website stating that: "Our Bagshot centre is now closed for redevelopment. We estimate this will take approximately 12 months.
"We think the development will be very positive for our customers and the local community."
However, in a statement released this morning Notcutts confirmed it had taken the decision not to open a new garden store in Bagshot.
Planning permission has been given for the redevelopment to comprise a food store pre-let to Waitrose and an adjoining retail outlet.
And Notcutts has met with Surrey Heath Borough Council to inform them of its decision to pull out and will shortly begin a marketing campaign to find new occupiers for the retail outlet.
Coo for Notcutts, Andrew Staff, commented: "We are naturally disappointed not to be able to continue to trade in the area, but Bagshot is well served by some fantastic local garden centres and the opening of the Waitrose store in 2015 will ensure local employment is boosted well beyond the number that we were able to employ."
It was planned that Notcutts would have a sales area of around 25,000 sq ft and a restaurant, while Waitrose would have around 21,000 sq ft.
Waitrose plans to bring around 160 jobs to Bagshot once the store opens in 2015.