THE site of the former county hall in Cwmbran is to be sold for more than £5m after a deal with a residential developer fell through this year.

Council chiefs had agreed to proceed with the sale of the site in Turnpike Road for up to £4.5m in February.

But the unnamed developer slashed its offer by nearly £1m forcing Torfaen council to renegotiate the sale with other bidders, a council report revealed.

Yesterday [November 3], Torfaen Cabinet agreed to proceed with the sale with another developer with a new improved offer of up to £5.1m.

Council deputy leader Cllr Anthony Hunt said yesterday additional funds received through the sale were designated to be used to improve school buildings or building new ones.

Torfaen and Monmouthshire councils co-owned the site before County Hall was knocked down in 2013.

Torfaen would only get half the capital receipt if the sale goes through, as the site is jointly owned by the two councils.

The two local authorities stand to receive either around £5.1m for the sale in a deal that would see a fifth of the site retained for affordable housing – or a lower sum of £4.6m, with 30 per cent to housing Alternatively, Torfaen and Monmouthshire would get a lower sum of around £4.6m, but 30 per cent would be earmarked for affordable housing.