Harborough council has banked almost £5 million by selling a former allotment site in Lutterworth.
The district council agreed last month to sell the land at De Verdon Road in Lutterworth after being hit badly by the 18-month coronavirus crisis.
The site had been earmarked by the local authority for over 70 new homes – but has now been sold for £4.9 million.
The huge amount of cash will now be ploughed “directly into future projects in the Harborough district”.
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The council is acting after refocusing its “priorities in the wake of the Covid-19 pandemic”.
Councillors agreed the land would be sold on the open market after planning consent for the housing development was granted.
Cllr James Hallam, Harborough council’s deputy leader and Cabinet lead on strategic asset management, said: “With the significant impact of the Covid pandemic, a decision was taken to sell this land on behalf of the taxpayer.
“We will carefully evaluate how we can utilise this capital receipt to benefit the Harborough district, including the Lutterworth locality.”
Market Harborough-based commercial property agents Fisher German were instructed to sell the former allotments site on behalf of the council.