Developer set for massive Boleyn Ground windfall

Housing developer Barratt London is set for a massive windfall in excess of £100 million when they complete and sell the remaining flats at their Upton Gardens development on the land previously occupied by the Boleyn Ground stadium.

Prior to leaving Upton Park West Ham openly marketed Boleyn Ground and adjoining land selling to the highest bidder of Galliard for £38m, the second highest bid was understood to be just £32m.

Galliard later sold the stadium and land in July 2016 to Barratt London for £40m as confirmed in land registry records after they lost interest in the development.

Barrett London is now selling the first flats at the full asking price with demand said to be high.

Twenty five per cent of the 842 home development on the site in Green street will be reserved for affordable rent and shared ownership and Newham council have stated that will invest around £18m for 10% of the development. The remaining 631 apartments are likely to average around £400,000 per home.

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 over £1o0m the developer will have laid out around £200m when all is said and done when the £40m cost of the land is factored in.

However, if Barratt London manages to sell the properties at the asking prices they could pull in over £300m to make a handsome profit in excess of £100m.

A senior source close to the club told Claret and Hugh: “Galliard, who are clever people clearly didn’t fancy it after buying it for £38m. They sold it for £40m at zero profit when you add on stamp duty, legals etc. However, the market has kicked on from when West Ham sold the land. Property in Stratford has doubled in that time. Whether they get the full asking price only time will tell”