Client: Administrators of Scarborough Football Club
Scarborough Football Club, following a period of financial difficulty, was wound up on 20 June 2007. Gerald Eve was appointed to advise the administrators on various aspects of the football club’s estate including the McCain Stadium, Seamer Road, Scarborough.
We provided planning advice regarding the technical and amenity barriers of lifting a restrictive covenant on the stadium site which affected the valuation of the asset.
Approach
Gerald Eve undertook a series of audits and assessments of the site and the surrounding area in order to arrive at the potential for alternative uses to impact negatively on the amenity of surrounding residents. The assessment considered the noise, visual and highway amenity issues likely to be felt by surrounding residents if the covenant were to be lifted and the site put to alternative use.
Critical to the potential redevelopment of the site was also an assessment of the open space and sports facilities available both to local residents and across the borough. This required an independent assessment of not only the local sporting facilities, but also the equipment and quality of offer from each of the locations.
Results
Full reports were prepared and submitted to mediation proceedings. Upon considering the merits of the various arguments mediation concluded that the administrators’ valuation of the stadium more accurately reflected the true open market value of the property. Consequently the capital return to the administrators and consequently the clubs creditors was maximised whilst also bringing forward a substantial brownfield site for development within the urban area.
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