Monsieur Leclerc
Café Rene. In disguise!
- Apr 24, 2006
- 554
Crystal Palace stadium 'to be sold'
Fans of Crystal Palace Football Club are set to see their stadium sold as a development opportunity for £12.5m, according to confidential information seen by The Daily Telegraph.
The stadium's owners have instructed property agents Mason & Partners to sell the ground, with advice that "in the long term this site does offer considerable opportunity for a major mixed-use redevelopment".
Crystal Palace chairman and owner Simon Jordan claimed to have bought the ground in 2006 for £12m. However, it was done through a complex series of companies which obscured the identity of the final owner.
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Last year he was reported to be looking to raise £15m to refinance the property, offering investors access to income from the £1m rent roll from the ground.
The current deal, pitched as a sale-and-leaseback, offers investors a rent roll of £1.2m per year, or a 9pc return on the sale price.
Despite the wording of the sales brochure, which repeatedly stresses the development value of the 6.2-acre site, a potential investor would have to find an alternative home for the club before knocking down the stadium building on the site.
The local authority has stipulated it would not allow development at Selhurst Park stadium unless an alternative stadium is found ''within or near" the borough.
Under the terms of the sale, the stadium is being put on the market with the football club as the sole tenant. Under the terms of the lease, the club would have a 25-year lease with upward-only rent reviews every three years.
Prospective buyers are advised of a peculair smell that lingers across the immediate and surrounding areas.
Simon Jordan made his money selling his mobile phone dealership PocketPhone Shop to One2One for £73m in 2000. The same year he bought Crystal Palace for £10m.
The club is currently seventh in the Championship. It has the dubious honour of being one of the most relegated clubs from the Premier League.
Fans of Crystal Palace Football Club are set to see their stadium sold as a development opportunity for £12.5m, according to confidential information seen by The Daily Telegraph.
The stadium's owners have instructed property agents Mason & Partners to sell the ground, with advice that "in the long term this site does offer considerable opportunity for a major mixed-use redevelopment".
Crystal Palace chairman and owner Simon Jordan claimed to have bought the ground in 2006 for £12m. However, it was done through a complex series of companies which obscured the identity of the final owner.
advertisement
Last year he was reported to be looking to raise £15m to refinance the property, offering investors access to income from the £1m rent roll from the ground.
The current deal, pitched as a sale-and-leaseback, offers investors a rent roll of £1.2m per year, or a 9pc return on the sale price.
Despite the wording of the sales brochure, which repeatedly stresses the development value of the 6.2-acre site, a potential investor would have to find an alternative home for the club before knocking down the stadium building on the site.
The local authority has stipulated it would not allow development at Selhurst Park stadium unless an alternative stadium is found ''within or near" the borough.
Under the terms of the sale, the stadium is being put on the market with the football club as the sole tenant. Under the terms of the lease, the club would have a 25-year lease with upward-only rent reviews every three years.
Prospective buyers are advised of a peculair smell that lingers across the immediate and surrounding areas.
Simon Jordan made his money selling his mobile phone dealership PocketPhone Shop to One2One for £73m in 2000. The same year he bought Crystal Palace for £10m.
The club is currently seventh in the Championship. It has the dubious honour of being one of the most relegated clubs from the Premier League.
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