THURROCK Council has confirmed that a significant piece of real estate suitable for housing development has been sold off for just £510,000.

The price of the land on Argent Street was initially kept a secret by the authority who declined to confirm what it had achieved by a private sale, after initially declining to give details.

The land was originally marketed and set to be sold at auction by Kent-based auctioneers Clive Emson with a guide price of £400,000 which was widely considered to be a significant undervaluation by some local property experts.

To put the sale of the near half acre plot of land in context, a small terraced flat and shop in nearby Clarence Road owned by the council which was put up for sale in the same auction was sold for £287,000. And the council had previously marketed a plot of land off Dell Road for £1.5 million. There has been little news on the outcome of a planned deal with developers Keepmoat for that site.

Thurrock Nub News learned of the sale price for the site on Argent Street and understands the cash-strapped council is desperate to raise funds, but the authority has refused to comment on the sale – other than today confirming the sale price.