Man Utd seizes £8.2m hot prospect

Man Utd seizes £8.2m hot prospect


The Premiership leaders, Manchester United, has joined the trend of some of the other leading Premiership clubs by boosting its holdings.

It has boosted its holdings by buying £8.2 million of land around the Old Trafford stadium. It has bought the property from SEGRO, the investment and Development Company, which is landlord to more than 110 businesses in Trafford Park.

The purchase includes Trafford Gateway, a one-acre plot of land directly opposite the stadium; Three Wharfside, a 177,000 square feet industrial warehouse, and Canalside, a 58,700 square feet multi-occupier industrial estate containing seven units, situated behind Three Wharfside. The deal therefore totals around 280,000 square feet.

A club spokesman said there were no immediate plans to redevelop the newly acquired land, reported the Manchester Evening News.

The club spokesman said: “The stadium is an iconic asset for the club and we feel it is beneficial to invest in the surrounding area.

“If more land becomes available we will assess whether it suits our purposes.”

Manchester United chief operating officer Michael Bolingbroke said: “We are delighted to have completed these purchases from SEGRO to further consolidate our ownership of land and buildings around the stadium.”

David Bridges, SEGRO’s national markets business director, said: “We are delighted to have concluded this deal with Manchester United.

"The sale has been beneficial to both parties – for SEGRO the disposal of these relatively small individual units allows us to concentrate on retained assets at Trafford Park, whilst giving Manchester United greater access to more property and land around its stadium.”

Other Premiership clubs have already shown their intentions, with Manchester City the most significant by submitting last month their plans to spend £100 million to develop an 80-acre site for 17 pitches and a new 7,000-seat stadium for youth matches. City has already purchased most of the 80-acre site and a decision on their planning application is expected in late December. If approved the site could be completed in three to four years, according to the Daily Mail.

Chelsea is currently attempting to buy back the freehold for the land and repurchase the pitch and turnstiles at Stamford Bridge with a view to potentially planning a move away. Ownership of the stadium was bought by a fans’ collective, Chelsea Pitch Owners (CPO), in 1997 in order to fight off the prospect that it would again be bought by property developers. The move required a £8.5 million non-recourse loan from the club’s then holding company and £1.5 million from investors. The CPO members will make their decision on October 27.

Clubs which are investing in property and land in order to develop the surrounding areas of their grounds is an ever increasing trend nowadays in order to increase revenue, to develop their facilities and nurture home talent.

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