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Title: Swindon Council Selling Off Freeholds Post by: Northern Red on Saturday, October 14, 2006, 17:24:42 Story from the Adver, about Swindon Council selling off its freeholds:
http://tinyurl.com/u8k9t Any chance of them selling the County Ground Freehold. If someone like the Wills could buy it as an investment, it'd save the club £100k per year in rent (?) Title: Swindon Council Selling Off Freeholds Post by: Samdy Gray on Saturday, October 14, 2006, 17:28:55 I think the rent is currently £250k a year. Plus surely it would give the club a greater chance of getting a new stadium.
Title: Swindon Council Selling Off Freeholds Post by: Iffy's Onion Bhaji on Saturday, October 14, 2006, 17:29:50 Quote from: "sam_stfc" I think the rent is currently £250k a year. Plus surely it would give the club a greater chance of getting a new stadium. thats about right i think. i think i heard somewhere a while back that the rent was 20k a month Title: Swindon Council Selling Off Freeholds Post by: Reg Smeeton on Saturday, October 14, 2006, 17:36:58 If the Council were to sell the freehold for the CG....it would have to be to the biggest bidder, whuich would most likely be a developer who'd look to shift the club off the site.
SBC under the auspices of the Tories, would have little problems doing this especially as Martin has often stated he'd like to close the club down. Title: Swindon Council Selling Off Freeholds Post by: Northern Red on Saturday, October 14, 2006, 17:58:00 Quote from: "Reg Smeeton" If the Council were to sell the freehold for the CG....it would have to be to the biggest bidder, whuich would most likely be a developer who'd look to shift the club off the site. But the covenent for sporting/leisure use, which is on the land, prevents development of houses doesn't it? Title: Swindon Council Selling Off Freeholds Post by: DV on Saturday, October 14, 2006, 18:02:53 Quote from: "Northern Red" Quote from: "Reg Smeeton" If the Council were to sell the freehold for the CG....it would have to be to the biggest bidder, whuich would most likely be a developer who'd look to shift the club off the site. But the covenent for sporting/leisure use, which is on the land, prevents development of houses doesn't it? no...but I think if the sporting facilites were to be removed, they would have to be replaced else where....same with the green spaces....as you have to have a certain % of green area in each section...or summin like that Title: Swindon Council Selling Off Freeholds Post by: Northern Red on Saturday, October 14, 2006, 18:06:59 Covenents relate to the actual land and are difficult to remove.
It's not a case of replacing the facilities elsewhere. The covenent still applies to that land, even if the build 50 football stadiums elsewhere. Title: Swindon Council Selling Off Freeholds Post by: Reg Smeeton on Saturday, October 14, 2006, 18:08:38 Covenants can be bought out.....this is of course speculative but it would be the best fro the club if SBC don't put the CG up for sale.
Title: Swindon Council Selling Off Freeholds Post by: RobertT on Saturday, October 14, 2006, 18:43:39 They won't sell it, they are getting rid of properties where they just get a ground rent (so minimal amounts compared to the freehold value). It's mostly things the Council purchased or built for the "good" of the community and then let people use as if they owned it (ASDA in West Swindon I think is one example).
They get commercial rent out of the CG proper, so it's highly unlikely they'd sell it given the hassle it would be for any developer. Title: Swindon Council Selling Off Freeholds Post by: TalkTalk on Saturday, October 14, 2006, 19:25:32 Quote from: "Reg Smeeton" Covenants can be bought out.....this is of course speculative but it would be the best fro the club if SBC don't put the CG up for sale. They can indeed. The Goddard Estate's proxies were asking £2M for the CG covenant during the Shaw fiasco. Title: Swindon Council Selling Off Freeholds Post by: Frigby Daser on Monday, October 16, 2006, 14:27:40 Quote from: "Reg Smeeton" Covenants can be bought out.....this is of course speculative but it would be the best fro the club if SBC don't put the CG up for sale. Your right Reg, but any offer to buy them out is made to the person with the benefit of the covenant - and at present thats STFC. You're under no obligation to accept such an offer. I'm sure STFC would also have a number of occupiers rights. If the council are looking to raise some money this way, would it not be their interests to sell this land (town centre, high price) and offer us land at a lower price to build a new ground. Title: Swindon Council Selling Off Freeholds Post by: Reg Smeeton on Monday, October 16, 2006, 16:09:15 Quote from: "The Moonraker" Quote from: "Reg Smeeton" Covenants can be bought out.....this is of course speculative but it would be the best fro the club if SBC don't put the CG up for sale. Your right Reg, but any offer to buy them out is made to the person with the benefit of the covenant - and at present thats STFC. You're under no obligation to accept such an offer. I'm sure STFC would also have a number of occupiers rights. If the council are looking to raise some money this way, would it not be their interests to sell this land (town centre, high price) and offer us land at a lower price to build a new ground. Slight problemo with this is that its a mill for a 1000 seats of new build without taking ground prices into account.....this was the attraction of Shaw that the land couldn't be used for housing so could have been sold cheaply......not sure there iis anywhere else in the Borough that cheap. |