A TOTAL of £250,000 was spent to demolish the Cabinet Works and Garnett’s water tower in the town centre.
The sites, on Barbauld Street, were demolished following concerns over public safety.
And Town Hall chiefs have set their sights on regenerating the land, which has gained interest from the private sector.
The site will not come forward until staff at the nearby council offices move into their new site next year.
But it could become home to residential and hotel developments.
The council says £650,000 was allocated, as part of the capital programme, for the acquisition of the site.
A spokesman confirmed a further £238,000 was earmarked for the demolition of the Cabinet Works and water tower as the buildings had ‘sadly reached a point where they posed a threat to public safety’.
He added: “These complex demolition works cost £250,000, which was slightly more than originally anticipated due to additional remediation works being required.
“The cleared site now forms part of a key regeneration area that will be pivotal in the future growth and success of the town centre.
“A number of options are being explored for the site, including the possibility of residential and hotel developments.
“These will be progressed through an initial design phase, starting in 2020.”
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