Gallaird later sold the stadium and land to Barratt London at a minimal profit after they lost interest in the development.
A senior club insider told us: “The site was offered to the entire market, the highest bid by a long way was £38m. The property market has gone on a decent amount since we sold though, so any profits by the developer will be higher than anticipated as a result. It could have gone the other way, even now the properties are not sold at the prices they are asking.”
This week Barrett London revealed that a one bedroom apartment at Upton Gardens will have a guide price of £360,000 while a three bedroom flat will have price guide of £560,000.
The remaining 631 apartments are likely to average around £400,000 per home given the prices announced bringing the developer an extra £252m in house sales.
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 £150m when all is said and done when the £38m 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 £150m profit.
“The club itself simply didn’t have the money to do the development itself and we are a football club, not property developers !
Developers usually hope to make 15/20% of their costs, but in a rising market like this one it can be a lot more. They also still have to sell the properties at the asking prices !”