Land Registry records reveal that the land which contains the Boleyn Ground stadium was sold for £40 million on 15th July 2016.
Originally West Ham sold the Boleyn Ground to the highest bidder, Galliard Homes for a reported £38m, the second highest bid was some way behind at £32m.
It is likely to the official £40m figure refers to the amount Galliard sold the land on to Barratt London.
With demolition and clearing of the Boleyn ground estimated to be around £8m, planning fees, project costs, bank interest and section 106 costs around £20m and build costs of £84m the developer will have laid out around £152m when all is said and done when the £40m cost of the land is factored in.
However, if Barratt London manage to sell the properties at the guide prices they could pull in nearly £300m to double their money and make a handsome profit.
So West Ham’s debt hasn’t been cleared by the sale of the Boleyn as originally suggested by the club?
This seems a very small amount given that the Valentines pub at Gants Hill has just been sold for £51/2 million to a property developer.
West Ham only sold the land. The pub included the land, pub and the brand/custom I would imagine.
£40m for a plot of land seems pretty decent to me, it would be good from the outside looking in to have some clarity on what happens to the money does it go to the club to pay off debt ?
Not sure the club will release that information 🙂
E20, the plot is going to be flats so no value in terms of brand, custom etc.When you think of UP it is a huge plot minutes from a tube.
I would think that gants hill is a more expensive place than Upton Park
It’s only worth what someone is prepared to pay for it! If there were only 2 bids and then sold on for an extra 2 million to the builder on top, then it would seem the club did OK and got the best deal it could get.
Now you know me, the owners don’t do much wrong in the my eyes but I do think it was an odd one us selling to Galliford Try and then them selling onto Barrett’s for £2M more a few months later. Especially after the Baroness said they sold to Galliford Try because they outlined their West Ham legacy and all that. Oh well I’m sure tomorrow I’ll forgive them.
sold to Galliard homes not Galliford Try
They flipped it to Barret as they don’t want to get involved in social housing.
Their plan was for only around 60-80 units to be SH, Newham rejected this so Galliard baled.
West Ham used the money they received, £38 mill, to pay off the remaining bank debt,which what they said it would be used for, not all debt, then 15 mill as contribution for OS refit.
DS was in a no win situation here, he could of developed the land into flats, and took the profit, but you can imagine the outcry if he did that
I have got to hand it to you Nigel as cunning foxes go you are one of the best.
Post an article on the other site about Hertha Berlin then sit back and watch the Duracell Bunnies kick off.As rabble rousers go you are close to being amongst the elite
Very good lol
I take that as a compliment mate.
Just giving information out Stan,
Kept my view out of out,
Ha ha ha haaaaa
It was a compliment from one cunning fox to another lol
Lol Stanley that made me laugh.Nige is the puppet master mate.He lights the fuse then sits back with his beer laughing as it all goes off 😂😂