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New Stadium
01-04-2017, 12:01 PM
Post: #1
New Stadium
Whoto - Is there any update on the new stadium?
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01-04-2017, 12:43 PM (This post was last modified: 01-04-2017 12:49 PM by MOT.)
Post: #2
RE: New Stadium
Last time I looked they were securing funding/discharging conditions prior to a start on site

Extract from the letter/supporting doc:-

Quote:FIVE TOWNS PARK, CASTLEFORD - FUNDING
I am UK head of Retail Capital markets at Cushman and Wakefield. As you may be aware we are one of the world’s
leading property advisors with offices in 42 locations and 34,000 staff around the globe. We are arguably the most
active retail investment advisor in the UK having been involved in the acquisition, sale and funding of £2.5 billion of
retail assets over the last 2 years.
We are instructed by Lateral (Castleford) Limited to act as their funding advisor in securing capital investment for the
Five Towns Park Development and it is a project for which I have direct responsibility. I have been involved in the
project for just over 2 years and have been engaged in active funding discussions for the last 6 months with a number
of major funds and Public property companies.
After several months of discussions we are now in negotiations with a major Pension Fund, for them to forward fund
the entire project cost and I am confident we will be exchanging a funding transaction by the calendar year end.
However, there are a number of Conditions Precedent within the commercial terms which need to be discharged prior
to completion of the funding agreement.
Of relevance to this letter, our clients have submitted a Section 73 planning application which seeks to vary and
regularise a number of the retail planning conditions from the original outline consent. I have been kept closely
informed over the process and have had detailed discussions on the current consent restrictions with a number of the
potential funding partners. A concern to all parties has been lack of flexibility to adapt to ongoing changes in the retail
market particularly the reducing size of some out of town formats and the ability to attract specialist retailers; the current
S73 application addresses this concern.
I have been asked by Lateral to clarify one of the planning Conditions Precedent in the commercial terms stipulated by
the fund. The material planning condition is that the current section 73 application shall be positively determined, any
revised S106 agreement shall be signed and the consent shall clear any judicial review periods prior to funding
completion. These requirements will be documented in the funding agreement and in addition will stipulate that the
S73 shall provide 5,341 sq m of retail accommodation comprising; 2,552 sq m of flexible floorspace with no minimum
units size, 4 units of 232 sq m totalling 929 sq m and 5 units of a minimum 372 sq m totalling 1,860 sq m.
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01-04-2017, 12:56 PM
Post: #3
RE: New Stadium
Thanks MOT

I'll really miss the Jungle when we finally move, but for the club to move forward we need to happen ASAP
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01-04-2017, 01:10 PM
Post: #4
RE: New Stadium
They've got approval for variation to the conditions associated with the original application/approval:-

https://planning.wakefield.gov.uk/online...8LMQQJEP00

That was determined at the start of Dec.

I'd guess they're still ironing out funding etc.

Then there's the approval of reserved matters to sort, along with detailed design.

Can't see you playing there before 2019.
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01-04-2017, 02:57 PM (This post was last modified: 01-04-2017 02:57 PM by camdentiger.)
Post: #5
RE: New Stadium
Fair enough, another year won't kill us!

Just glad it's finally happening after many false dawns. I still think 10,000 isn't enough and we should've gone for 15,00 - however a full house every week (near as damn it) will create a great atmosphere
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01-04-2017, 04:35 PM
Post: #6
RE: New Stadium
Thought it'd gone quiet tbf. Looks like we might be waiting a bit longer than first hoped. Just as long as its still going through
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02-03-2017, 04:08 PM
Post: #7
RE: New Stadium
Awaiting news
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02-03-2017, 05:34 PM
Post: #8
RE: New Stadium
Will be a while yet
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02-03-2017, 08:30 PM
Post: #9
RE: New Stadium
Bump.
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02-03-2017, 09:34 PM
Post: #10
RE: New Stadium
Last time I like they were still sorting funding.

Detailed design to do to, along with discharge of conditions
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