A report to the Falkirk Council executive on Friday highlighted that BDW Trading Limited, part of Barratt Developments, represented the best value offer received. Its proposals are for the redevelopment of the site for residential use.

The nine-acre (3.65 hectares) site located off West Bridge Street has been cleared following the demolition of existing structures, including the former NHS Westbank Clinic building.

The council said the sale of the site will raise up to £6.2 million capital receipt for reinvestment and support the regeneration of the town centre.

Approximately £6m of the receipt is expected to be allocated to help fund the replacement town hall project currently underway at the east end of Falkirk High Street.

A further £200k of the receipt would be allocated to Falkirk’s Common Good Fund benefitting local causes at a future date.

Councillor Cecil Meiklejohn, leader of Falkirk Council, said: “The sale is significant in that it will help provide substantial funding for the replacement town hall project alongside other funding streams. It will also help us to boost Council Tax revenue in coming years to help to continue to provide important services for the most vulnerable in our communities.”

The report outlines new regulations requiring all homes built in Scotland to use renewable or low-carbon heating from 2024, and BDW Trading Limited has committed to ensuring all new homes are zero carbon by 2030.

The sale is expected to generate increased Council Tax revenues and provide an economic boost through improved footfall and expenditure in the town centre.

The proposed sale follows a comprehensive marketing process that attracted multiple offers. BDW Trading Limited’s bid was selected as the most favourable.