In their annual report for Southend Council auditors said Southend’s landmark pier alone is a “unique asset” worth £25 million.

Speaking at an audit and governance committee meeting at the civic centre on Wednesday, Judith McMahon, Conservative councillor for Shoeburyness Ward revealed two pieces of sculpture by renowned artist William Mitchell, including the fountain outside the Civic Centre in Victoria Avenue, are worth a small fortune.

She said: “Southend has assets that are quite often not identified because their historic value is not necessarily known. My reference is to one which is nationally listed and set of statues outside of this building. The second is contained within this building. They are by a renowned international artist whose work is valued at astronomical amounts of money, a guy called William George Mitchell.”

Ms McMahon said there was a concern if such items weren’t among the value of such heritage assets there could be a financial risk to the council should they be damaged.

After being informed there was sometimes difficulty in valuing assets such as statues, Ms McMahon said: “I explored it in comparison to pieces of work that had been purchased in the States and you were talking in millions. You’re not talking any less than that.

“A piece of his concrete that was about 1 foot square sold for £100,000 in an auction, so quite valuable.”

Southend’s “civic fountain” became one of the UK’s treasured heritage sites after earning a Grade II listing by Historic England last year.

Completed in 1971, the fountain – between the Civic Centre and the court house – was created as part of a new civic complex and was an integral part of the “post-war renewal” of Southend.

The fountain features three panels sculpted by late designer William Mitchell – one of the most celebrated sculptors of the late 20th century.

In their report, auditors said: “Where assets are subject to revaluation, their year-end carrying value should reflect the appropriate current value at that date.

“The authority has adopted a rolling revaluation model which sees all land and buildings revalued over a five-year cycle, including heritage assets – £30million. The pier has been subject to a full revaluation in the year and had a value of £25million as at March 31, 2025.”