West Ham United have confirmed that Essex based developer Galliard Group has reached an agreement to purchase the Boleyn Ground Football Stadium once the Club completes its move to the Olympic Stadium in 2016. Galliard homes have their head quarters in Loughton, Essex.
The club said in an official statement “Following a competitive bidding process, West Ham United selected Galliard Group as the purchaser for the site ahead of a number of other national and international companies. The Club was impressed with Galliard Group’s links to the local community and their commitment to honouring the history of the Hammers at the Boleyn Ground as part of their proposed development.” The full statement can be found HERE
Under proposals being considered, fans and local residents would be invited to enter a poll to name each building after a legendary player or an historic event at the Club. Galliard’s proposals seek to provide new homes with ground floor retail and leisure facilities, complete with underground parking. Galliard also plan to undertake discussions with the family of Bobby Moore regarding the proposed development of a central landscaped garden, which would be named the Bobby Moore Memorial Garden, providing a f tribute to the legacy of West ham. Galliard have commissioned world-renowned sculptress, Frances Siegelman, to create a statue of Bobby Moore and other artwork celebrating the heritage of West Ham, which would be located in the gardens and grounds of the new village. Under the plans, the current West Ham memorial garden by the front entrance to the grounds would also be retained, protected and incorporated into the new development.
The rumour that a supermarket and affordable residential flats were planned appears unfounded. In the May 2012 West Ham accounts the value of Boleyn ground is listed at just over £71m but this is not it’s true value, this is just the value of the replacement cost as a football stadium or the possible value if there was a market for 35,000 seat football stadiums which there is not. The true re-sale value depends on planning permission from Newham council but we know the council are keen to regenerate the area in a similar way that happened around canning town. Some valuations range from £25m to £45m but it will depend on market conditions and what planning permission will be granted for the land.
Arsenal converted its former stadium Highbury into 711 flats and raised £157m from property sales but a development in East London is unlikely to get anywhere near that.
According to property valuation site Zoopla the average property price in E13 is £236,301 while the average property price in N5 is £778,862.
It is not known whether West ham have sold the land outright or whether the price will be set once planning permission has been granted in a risk and reward type contract.
Another option could be a joint venture were we provide the land for the developer to build on which we then receive an agreed percentage of the profits.
The club plan to use the proceeds of the the Sale of the Boleyn Ground to pay the £15m contribution for the Olympic Stadium conversion with any excess used to pay for stadium migration costs and paying down the debt.
The club’s official Q&A can be found HERE