THE sale of Falkirk Council's Corbiehall flats to ING Real Estates UK was sanctioned this week.
Councillors were poised to rubber-stamp the ambitious scheme last month but officials had still to tie up the deal when the agenda deadline passed.
This week, despite a Labour bid to halt the sale, the council agreed to sell the 58 properties in the B-listed
"coffin blocks" and Queen Mary Building to ING for £175,000.
The cash will be "ring fenced" to help pay for future harbour regeneration works.
The properties, 191-199 Corbiehall and 43-51 Corbiehall, have proved virtually unlettable.
In recent months Falkirk Council has been re-homing tenants with the intention of selling off the properties.
Refurbishment and resale of the flats is seen as a vital first stage of the town centre regeneration project.
It is hoped the revamp will give the a welcoming, fresh new look to the town's western approach.
Area councillor Beth Eaglesham said: "This project may not bring a big return for ING Real Estates. But the company is happy to accept that, while not massively profitable, the scheme is part of the overall exercise of town centre regeneration."
The Labour group's call to delay the scheme on Tuesday angered Councillor David Alexander, policy committee convener.
He said: "This was purely and simply an infantile spoiling tactic.Clearly it is was done because what is good for Bo'ness is bad for Labour."
But Labour leader Linda Gow said her group had been forced to seek information on the regeneration
proposals from external sources.
"We've been led to believe the harbour works may prove problematical," she said. "All we were saying is hang on to the money and don't commit it to the harbour at the moment.
"It may be we will have to seek external funding anyway because we don't know what all the options are."
Councillor Gow has called for a report on the initiative to be prepared for the policy committee.
Meanwhile, Maureen Campbell, community services director, said the Corbiehall flats were ''a key component of the foreshore development''.She added: "It is proposed the quality of refurbishment be of a standard appropriate to the prime location."
Ms Campbell said the Scottish Executive had indicated permission to "ring fence" the money is likely.
And there could be another cash boost for the council when the flats are eventually sold. For ING and the council have agreed to split the profits 50-50 should they exceed 15 per cent of the refurbishment costs.
The District Valuer has confirmed ING's offer of £175,000 represents best value for the council.
Fer Dijkstra, ING Real Estates UK managing director, said: "This project will improve the negative image of the town's western approach."