Ronnie Hotdogs wrote: ↑Mon May 31, 2021 9:23 am
The 4 corners were flogged off to Beadie and Hearn for £7.5m donkeys years ago, and you think there’s a chance the remaining land isn’t worth more than £6m?
You're not comparing like for like. There's a sitting tenant on the remaining land with unilateral right to remain until 2069. Unless you're trying to predict land values in late 2060s? All I know for fact is that an independent valuation carried out in 2009 put the value of the various long leases for redevlopment at £4m-6m, bearing in mind the sitting tenant, lack of planning permission etc.
Do you honestly believe the valuation by whichever agent Hearn appointed in 2009 was independent? And that the valuation carried out by another firm Hearn appointed at point f transfer to the pension scheme, that coincidentally arrived at a £6m figure, was also independent?
If so, I have a Nigerian prince uncle who would be very delighted to be making your acquaintance for some investment opportunities he is close to.
I am absolutely predicting that the land has been undersold and many, many, many millions of pounds will be made, not by the club. I’m also predicting that Leyton won’t be playing soccer at Brisbane in 2069.
We have got secure tenancy until 2069.
You Barry and me won’t be here then so what’s the problem?
I’m no property expert. But I do know many developers play the long game. So buying land that could not be more profitability used until 2069 isn’t a major issue. Just an investment. In the interim, natural land value prices would provide an annual ROI in the books.
Not too sure I understand the relevance of 2069. Do people believe the land asset value will go down? Given the location, the only way is up.
Adz wrote: ↑Mon May 31, 2021 12:50 pm
I think the only way we'll know what it's really worth is if someone offered 6mm to buy it off hearn
Or if the club at some point can't meet the rent / it gets hiked up so high to be unsustainable. I'm hearing it's £200k+ now, never mind the fact LOFC got a crumbling wreck of a stand as part of the deal and got lumbered with all the repair costs Hearn never undertook.
gshaw wrote: ↑Mon May 31, 2021 9:37 am
It was amazing how each corner of the ground was worth around 2 million, yet when Hearn sold the strips behind the North and South to that shell company they were mysteriously only worth 1.25 million for the two. A great deal for the club again no doubt
I don't know if those strips of land were undersold, but I do know there are 144 flats in total on the 4 corners compared to 62 in total behind the North and South Stands, and that at the time the strips were sold there was no planning permission for developing them - and planning permission was later refused, until modifications were made and £120k paid to the council to put parking in for the North Stand flats. Had there been planning permission, no doubt the land sale price would have been greater.
Are you still defending Hearn even now?
I'm not defending Hearn, as ever I'm just stating facts. I hate the fact that the club no longer has a 999-year lease on the ground at a peppercorn rent - also I was the only person at whichever EGM it was, putting my hand up (on behalf of LOFT) to vote against the sale of the West Stand void space to SBLL Ltd.
"Asked why he could not write off his loan to the football club and allow it to keep its ground, Hearn replied: "I don't write off money. Why should I? It's not a charity."
Ronnie Hotdogs wrote: ↑Mon May 31, 2021 9:24 am
I can’t even begin to guess how many tens of millions it will eventually go for.
Waltham Forest want to keep the land as a football club. They agreed with BH that the 4 corners could be sold to which they received £1 million. That is all. The club currently have a 20 year lease that runs out in 2029. If the above that you say is true who is going to take over the lease if it has to remain a football club. Waltham Forest will not go back on their agreement to say the land can be sold for housing development which is the only way it would be sold for tens of millions. That does not stop BH putting up the rent after 2029. If the rent is unaffordable to the club then they will have to move but then what does BH do with the land.
You seriously think WF council will turn down a load of council properties and £5m in their coffers? All cause they told Barry Hearn they wanted to remain a football ground.
