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Pittodrie Redvelopment


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Pittodrie Redevelopment

05.05.2010

 

Aberdeen F.C. confirms it has submitted a Proposal of Application Notice (PAN) to Aberdeen City Council confirming a redevelopment planning application for Pittodrie Stadium will follow in twelve weeks time subsequent to a period of pre-application consultation activity.

 

Within the auspices of the planning process, until Aberdeen City Council accepts the proposals contained within the PAN, there will be no further comment from the Club.

 

Further details regarding the various elements of the consultation process will follow in due course.

 

What does this mean in normal peoples language?

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Redevelopment sounds like using the land for another purpose. Presumably they'll need to secure the revenue from doing that before being able to commit to building the new stadium. Be easier to sell Pittodrie if it's already been granted approval for redevelopment.

 

All of that is complete guesswork though.

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Guest Scarface

From the P&J:

 

One of Scotland’s most famous football grounds could be demolished for housing after its owners announced plans to redevelop the site.

 

Pittodrie Stadium has been the home of Aberdeen Football Club since its formation in 1903, but with debts mounting and a new 23,000-capacity community arena to pay for, club bosses have taken the first step towards getting rid of the historic ground.

 

Yesterday, they submitted a notice to Aberdeen City Council confirming that a planning application would be submitted within 12 weeks, after the public has been given the chance to comment.

 

It is understood the club wants outline permission for a residential development, and would then sell the site to the highest bidder.

 

A leading city property expert believes the ground could hold up to 600 apartments and be worth more than £20million to a developer.

 

The stadium is owned by the club’s subsidiary firm – Talltray Limited – which was set up in 2006 when the club was split into two businesses to make debts more manageable.

 

According to the company’s annual report, the money generated from selling Pittodrie would be used to settle loans of about £12million, plus rolled-up interest.

 

The creditors include the Stewart Milne Group, owned by club chairman Stewart Milne, and Aberdeen Asset Management, which has Dons director Martin Gilbert as its chief executive.

 

Both firms will get back the £1million they loaned. Any money left after the debts are settled would be split 70-30 between the club and “related parties”, named as Mr Milne and Mr Gilbert’s firms.

 

A source said the men plan to invest anything they get from the sale into the new stadium scheme.

 

“Neither of them made the investment looking for a return,” he said.

 

Eric Shearer, a partner at property consultancy firm Knight Frank, believes that Pittodrie – which became one of the first all-seater stadiums in the UK in 1979 – would be an attractive proposition for major construction companies.

 

He said the 13-acre site could hold about 600 flats, and put its value at anywhere between £20-25million.

 

“Aberdeen is about the only city outside London where apartments are still selling well,” he added.

 

The club wants to move to a purpose-built stadium at Loirston Loch, in the south of the city.

 

Last night, a spokesman for the club said no further details on the Pittodrie plans would be released at the moment.

 

He said: “Aberdeen FC confirms it has submitted a Proposal of Application Notice (PAN) to Aberdeen City Council confirming a redevelopment planning application for Pittodrie Stadium will follow in 12 weeks subsequent to a period of pre-application consultation activity.

 

“Within the auspices of the planning process, until Aberdeen City Council accepts the proposals contained within the PAN, there will be no further comment from the club.”

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With respect to Milne/Gilbert how on earth did they manage to wangle a deal where even after the debt created by them was cleared they would get a 30% cut of any profit?

 

This is in addition to the 1.5% above the bank base rate Milne is already charging the club on the loan!

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