The nine-acre site located off West Bridge Street has been cleared following the demolition of existing structures, including the former NHS Westbank Clinic building.
The report to the Executive highlights that BDW Trading Limited, part of Barratt Developments, represented the best value offer received. Their proposals are for the redevelopment of the site for residential use.
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It is expected that approximately £6m of the receipt would be allocated to part 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.
Malcolm Bennie, Director of Place Services for Falkirk Council, said: "If approved, this proposal represents a significant step forward in our efforts to rejuvenate the town centre and support local economic growth. The redevelopment will provide much-needed housing and help enhance the vitality of the area. It is now up to Councillors to determine whether we move forward with the sale, for which we have received a significant and positive price, and green-light the redevelopment of a substantial vacant site."
The report outlines new regulations require all homes built in Scotland 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.
