Enfield’s Conservative leader has called for heads to roll after the value of land on a major development site dropped by millions of pounds.

Cllr Joanne Laban told the council to sharpen up its act after an audit report showed a £14.1 million markdown on Stonehill Estate, which is part of the Meridian Water regeneration scheme.

The council bought the 32-acre site, which is set to provide 2,200 of new homes by 2022, for £68.1 million in June last year.

But the audit report shows it was revalued at the end of the year at just £54 million.

Cllr Laban said: “Heads should roll for a failure of this kind. The tax payer paid £14.1 million more than the Stonehill Estate is worth.

“The land at this site cannot just be turned into residential in order to recoup the cash as there are restrictions on it which are unlikely to be lifted anytime soon.

“When doing property deals our council has to sharpen up its act so the tax payer does not lose out like it has done here.

“The £14.1 million lost could have paid for more council funded police officers, more investment in local groups and activities to help reduce serious youth violence, carers and cleaning up our streets. I could go on this is how serious this is.”

The council claims land values will rise once the estate is developed.

An Enfield Council spokesperson said: “Meridian Water is a 20-year-plus regeneration project across 210 acres of land that will bring 10,000 new homes and thousands of new jobs for the borough.

“As the scheme gets delivered and positive change takes place, it is inevitable that land values will significantly rise.

“Rather than let the private sector benefit from this rise, as is usually the case, we have taken action early to own and control key development land which includes the Stonehill Estate.

“This will allow us to make best use of land, both in the interim and for the long term, and secure financial returns for the council.”