Arrowcroft To Make an Offer II

In today's Croydon Guardian:

"The fact Arrowcroft is looking to make an offer, days before the end of the inquiry, could indicate that it doesn't believe it is going to succeed in acquiring the site."

Exactly!

However, this "offer" has as much chance of succeeding as hell freezing over:

1 The difference in valuations £50M is far too large

2 Why did Arrowcroft not buy the land when it was available?

3 Why did they not make an offer before the CPO?

4 Albert Dock in Liverpool is owned by Arrowcroft, and shows losses in excess of £1M and debts of £24M in the company accounts. Given the financial difficulties of another Arrowcroft "prestige project", why are Croydon Council so sure that the Arrowcroft plans for the Gateway are financially viable?

Sign the petition against the arena via this link on the Number 10 website: Petition

Arrowcroft To Make an Offer

According to Property Week, Arrowcroft and Croydon Council are about to make an offer to Stanhope Schroders for the Croydon Gateway site.

Paul White of Frogmore (the company that is providing finance for the arena) is quoted by Property Week as saying:

"Notwithstanding the fact that we have now been told there is an overage* provision, that won't get in the way of negotiations on our acquiring Stanhope and Schroders' interest in the site."

*Overage provision is a condition attached to the sale of land, where anyone buying the site would pay more if or when planning permission for the site is granted.

However, don't worry, it should be noted that there is a £47M to £55M discrepancy between the two sides over how much they think the site is worth.

The fact that the council and Arrowcroft are looking to make an offer, before the end of the inquiry, indicates that they don't believe that they are going to win.

Sign the petition against the arena via this link on the Number 10 website: Petition