Question marks hang over a £5m school rebuild and a free community bus after land earmarked for housing was sold for £18m by a company based offshore.

In September 2015 Green Belt land at the corner of the High Road and Vicarage Road in Chigwell was bought for £180,000 by Antilla Holdings Ltd, a development company located in the British Virgin Islands.

In the same month REAch2 academy chain took over Chigwell Primary School, claiming the land on a 100 year lease from Essex County Council for no cost.

Two months later REAch2 and house builders Argall Properties Ltd submitted a planning application to Epping Forest District Council to build 32 homes on Antilla's land, promising £2m for affordable housing and £800k to Chigwell Parish Council for the running of a community bus.

It was approved, as was a second application a year later to build 27 more homes along with a alternative pledge to pay a further £1m for affordable housing.

On June 4 2018 the land was sold to Coral Properties for £18m, leading the original developer to sever ties with the project.

With building yet to begin and Coral indicating "changes to both the scope and the value of the investment", it is unclear whether the houses will be built, if the school will receive £5m from their sale and where the £800,000 for the parish council's bus will come from.

A spokesperson for REAch2 said: "As we have said before, we share parents’ ongoing frustrations about the delays to works at Chigwell Primary Academy.

"The original developer backed out of the project before the summer holidays, and the new developer committed to taking forward the original scheme as planned, but has subsequently indicated some changes to the development.

"These are unacceptable to us, and we are in discussions to ensure that the refurbishment goes ahead and delivers the exceptional learning environments that have been promised to the community.

"In light of the ongoing delays to the developer beginning work, REAch2 is carrying out maintenance work to the buildings to ensure the school remains operational and fit for purpose."

The Parish council may be similarly frustrated and out of pocket.

In September it started running two Mercedes Sprint minibuses around the town, with residents able to hop onboard free of charge.

The busses cost £120,000 and will need a further £97,500 a year to run.

While £150,000 has been received so far from the Grange Farm Camping and Sports Centre and Luxborough Lane developments, significantly more is needed to keep the bus going.

In April Cllr Richard Alvin, vice-chairman of Chigwell's neighbourhood plan group, said the bus was not "going to cost the taxpayer a thing" and that the parish council has "enough funding for the next ten years."

The Guardian was unable to contact Argall Properties Ltd and Antilla Holdings Ltd.