A sale agreed for Herne Bay’s bus station has fallen through.

Its owner, Stagecoach, says the proposed buyer of the prominent High Street plot “has decided not to continue with the process”.

The sale – which would have been completed when Stagecoach moves to its new depot in Eddington Lane in July – was thought to be upwards of £1 million.

But former councillor Vince McMahan, of Fleetwood Avenue, says there is speculation the buyer lowered its offer after carrying out tests on the site.

He added: “It is disappointing, but apparently it won’t have any relevance on the new site as that is all going ahead.

“My concern is the security of the premises when Stagecoach leave, but I am particularly pleased they are leaving because at least it will free up the town.”

Buses have run from the High Street site for 100 years but Stagecoach revealed last year it was selling up and moving to a new base in Eddington Lane, which is currently being built.

In 2010 the council listed the station as one of three key sites for regeneration in the town.

Previously, food giant Sainsbury’s had looked to build a store there but it withdrew its plans in March 2009 due to high flood risks.

Stagecoach spokesman Jamie Kind said discussions over the sale are continuing.

He said: “A sale of the property had been agreed in March, but the proposed purchaser has decided not to continue with the process.

“Discussions continue, through our agents, over the sale of the current Herne Bay depot site.”