I thought i'd post an update on this as i've received a few questions by email.
The land has been bought by Bovis who are a property developer. They will want to build houses/flats on the land.
The Council's position is that the land is 100% green space and should remain so. The Council has produced a document called the open space audit and it's local planning plan is due for publication in the next few weeks. These documents clearly set out the Council's planning position.
Various discussions are being had about the land by the local residents association, the City Council and St Marks school.
The Council has set aside £110,000 in its stratgic reserves to spend on the land. The Conservative budget proposals will include this money next year and I would be very suprised if it doesn't stay in next year's budget.