QUESTIONS have been raised about the future of prime waterfront land in Greenock - 10 years after it was sold for just £1.

Local councillor John Crowther is demanding answers from private firm Peel Group and publicly-owned regeneration company Riverside Inverclyde about their plans for the East India and Victoria Harbours site.

RI signed over the land to Peel in June 2008 on a 125-year lease for just £1 per annum.

The organisations also set up a joint venture to breathe new life into the 19th century site but Mr Crowther has expressed his 'disappointment' at the 'slow progress'.

In the last decade, the only major development was the £2m Hungry Horse pub and restaurant, named the Tail O' the Bank, which opened in February 2015.

Peel claim the opening of the £10m Beacon Arts Centre five years ago as a key milestone, although the replacement for the Arts Guild is located at Customhouse Quay, and say they have invested a seven-figure sum in the harbours site.

Councillor Crowther said: "I'm aware progress can be slow and we have been through a period of austerity, which has to be taken into account.

"It is also good to see the developments that have happened there but overall it's been very disappointing."

Mr Crowther has raised concerns about the length and terms of the lease and how that will help residents and the area as a whole.

The ward seven councillor believes the former harbours are destined for housing but that they should be kept for industrial developments to try and attract business and jobs to Greenock.

He says the recent campaign surrounding Inchgreen Drydock has put other Peel-owned sites - such as East India and Victoria harbours - under the spotlight.

Councillor Crowther said: "Inverclyde is not benefitting in the way people envisaged."

Officials from the land and property division of Peel say they are committed to further redevelopment of the waterfront land and that substantial progress has been made since 2008.

A spokesperson said: "The joint venture project with RI to regenerate the East India and Victoria Harbours area has involved a significant amount of infrastructure work, which has been funded exclusively by Peel.

"As well as infilling of dock areas and the creation of a site for the local Arts Guild project, we have also brought forward roadworks to improve the local infrastructure and installed services to prepare the site for further investment.

"Despite the banking crash occurring at the time of the JV, which severely impacted on property schemes all over the country, Peel's investment in this scheme now significantly exceeds seven figures.

"We remain fully committed to the ongoing regeneration of Inverclyde and are actively working with our partners at Riverside Inverclyde to improve the amenity and economic performance of the area."

An RI spokesman said he would 'welcome the opportunity' to meet Councillor Crowther to 'discuss his concerns in more detail'.