This is the new Hollywood-style sign for Eltham – and it costs £40,000.

The large wooden letters on Eltham High Street, by the junction of Footscray Road, were built to “create a sense of place” and “encourage civic pride” as part of an overall regeneration scheme in Eltham.

However many locals don’t appear to share this view of the council, calling it “pointless”, “a joke”, and a “waste of money”.

Jules Clare wrote on Facebook: “It's a joke as the sign looks like it's only cost £20. It will be either broken or set alight within a year.”

Maryam Bandukda wrote on Facebook: “I noticed it yesterday and the first thought that came to my mind was I wonder how much they spent on this pointless sign.

“What a waste of public money. Do councils consult the public before making such stupid decisions to waste money?”

Jim Grace wrote on Facebook: “What a shambolic waste of our money. It'll be used as seating anyway and thus vandalised with initials carved into the surface, or graffiti all over it. Just shows what *ssholes we have in the council to sanction this overpriced piece of sh*te.”

In a response to the public at a meeting of Greenwich Council on July 19, Councillor Danny Thorpe, cabinet member for regeneration and sustainability, said that it has “positively transformed the high street” alongside other Eltham High Street schemes.

Eltham High Street’s development hasn’t been entirely a success, as confusing layouts have seen multiple cars crash into street furnishings and at least one person injured.

READ MORE: One injury and street damaged as drivers confused by new Eltham High Street layout

Cllr Thorpe said: “The Eltham High Street scheme has seen an investment of over £6m in measures to support the vitality and vibrancy of Eltham.

“The sign in question is one of a number of features installed to create a sense of place and encourage civic pride.

“Other features include the benches named after people with a connection to Eltham and the gateway sign feature at the High Street/Well Hall junction.

“In my view the sign makes a significant contribution to the overall scheme objectives at a cost that forms a relatively small part of the overall scheme cost.”