Bosses at Chase Farm Hospital are planning to sell-off its trust headquarters as part of plans to recover an underlying £18 million deficit.

The one-acre plot where the building and a car park stands at the front of the site in the Ridgeway would most likely be sold to a housing developer The trust is planning to put the land on the open market and has applied for outline planning permission to maximise its potential value, which could reach millions of pounds.

The cash would be used to claw back the trust's £18 million debt which would stand it in good stead to attract PFI funding for its £76 million revamp.

Following a sale of the land, the trust headquarters would move to another location within the hospital.

A trust spokeswoman said: "The sale is in line with the trust's overall estates' strategy and development control plan for the Chase Farm Hospital site.

"It will rationalise the part of the hospital site and the buildings the trust occupies, reducing costs such as rates and capital charges.

"The proceeds from the sale will contribute towards the trust's financial recovery strategy, the purpose of which is to get the trust to underlying financial balance in order that it can enter the new financial regime with a clean sheet rather than inherited debt."

Enfield North MP Joan Ryan said: "I am in favour of the land sell-off as long as the money is used to secure the PFI cash for the hospital re-build."

It is estimated that nationwide the NHS could make billions from selling off surplus land and buildings.

Chase Farm Hospital is also planning to knock down its on-site medical staff accommodation and sell the land to social housing developers.

New staff accommodation would be built elsewhere on-site and run by a housing association.

The project is currently going through the planning process.