The value of Colchester`s former football home, Layer Road, has halved inside a year because of the failing economy and flat housing market.
Until last summer, the ground was a fabled location of the League One club. Now, despite the potential for property development, Colchester Borough Council is nervous about letting go of the land.
This is because, according to an EADT report out this week, prospective site owners might simply buy the plot with a view to making back the £3 million-plus that the Council had hoped it could recoup.
“The plan was to sell it to a private developer, but the value is falling and falling. And even though we continue spending money on maintaining it, it is looking more and more dilapidated,” said cabinet member, Nigel Offen.
The Essex County Standard however revealed last Friday that the area could become care housing for the elderly, instead of solely a privately-owned residential spot.
Those plans were first considered publically in February 2009 and it is understood that the Council is keen to incorporate the estate into a redevelopment of the town`s Garrison.
Layer Road was first declared for sale in May 2008, two months before the club were due to leave for the new £14 million Community Stadium.
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