The Tron is "underperforming" and needs to halt its excessive overspending.

Rich lister Brian Perry’s trust the Brian Perry Charitable Trust has sold a 4,773sq m section of Hamilton land to the local council while retaining the first right to develop it.

The land was sold for over $400 a square metre, with the trust achieving a total of $2 million.

The site, at the southern end of Victoria St, was bought by the Hamilton City Council with the aim of creating better access to the Waikato River for the public.

A public plaza will be built on the land, the design of which is not yet finalised.