HOPES have been raised a landmark pub could be revamped and reopened after its asking price was slashed by £200,000.

Pub chain Admiral has cut the price for the Gun, in London Road, Pitsea, from £750,000 to £550,000. The struggling pub was shut down and put up for sale in November 2008.

Pitsea councillor Mo Larkin now believes the lower price tag may tempt a new landlord and keep the site out of the hands of developers.

She said: “At that price it does make you think there might be someone around with the dreams and ambitions to turn it back into a nice pub.

“It’s the perfect spot for somewhere serving nice food.”

The pub is being sold by London property agent Paramount Investments, who said the price has been dropped to attract a buyer from the licensed trade.

Spokesman Andrew Burnyeat said: “We hope this brings this opportunity within the range of individual licensees and community groups.”