Conservative councillor Andrew Wilson (Crowborough) says Wealden District Council's administration (Green, Lib Dem, Labour) chose to spend £4.548 million developing eight industrial units at Farningham Road in Crowborough.
The latest Treasury Management report shows a £2.378 million downward fair value adjustment, leaving the units valued at just £2.170 million.
"Wealden councillors (including myself) warned about this risk before the Council pressed ahead. The decision was defended on the grounds of “social value” and jobs.
"Jobs are of course important, but value for money matters too. The Administration must prove that these were genuinely additional jobs that could not have been delivered more cheaply by selling the site (which was an option they discounted) and transferring the development risk to the private sector.
"Would you have preferred the money to be spent elsewhere? How far could £2.38M go?"
