FGD stadium report

FLEET GROUP DEVELOPMENT DETAILS STADIUM PROGRESS IN 2008…

Following the announcement on Monday 23 March that Fleet Group
Development (FGD), in light of EUFC’s financial status, has agreed to
continue to work for free towards finding a new stadium for the
football club – here are some details of progress made by FGD in 2008.

For
reasons pertaining to the property market in general and some specifics
regarding the feasibility of the site that FGD were working on when
MyFC took over majority control of EUFC, it was decided by FGD during
2008 to put that site on the backburner and seek out alternatives.

A
favoured site has been identified and FGD have held detailed talks with
officers at Kent County Council, with Gravesham Borough Council, the
agent for the new favoured site’s landlord, the landlord of Stonebridge
Road and an enabling developer.

FGD is currently trying to put together
a scheme with the enabling developer that would enable a planning
application to be made. Like all sites, there are obstacles, but the
land delivery for this new site has the potential to be delivered far
more easily than the previous site. It is also important we get the
full support of Kent County Council and Gravesham Borough Council.

A
summary of progress made since the MyFC takeover is below.

Schedule of achievements under the FGD consultancy agreement (2008/09)

1. Identified four new possible relocation sites.

2. Conducted
strategic negotiations with Stonebridge Road landlord and have obtained
consent in principle to enter into a Joint Venture (JV) Agreement with
an enabling developer to obtain a planning consent for a development on
the Stonebridge Road site.

3. Interviewed and selected an enabling developer whose covenant would be acceptable to the Stonebridge Road landlord.

4. Conducted
strategic negotiations with Gravesham Borough Council Executive
Officers and the leader of the council to obtain political and planning
officer level reports for the proposed relocation options.

5. Obtained interest in principle from end users of Stonebridge Road.

6. Conducted discussions with several developers to establish interest in our proposals.

7. Conducted negotiations with the agent of the landowner for the preferred new site.

8. Prepared a detailed investment appraisal for our proposals.

9. Conducted
meeting with enabling developer and obtained agreement in principle,
subject to their due diligence and appraisal study, for seed corn
funding to investigate financial viability of all options with a view
to submitting a planning application within the next 6 months for the
enabling development and the development of a new stadium.

In
addition to the above there has been research carried out about the cost
of a stadium, the development around the stadium, possible users for
this development and other potential stadium users. Stadium design
drawings have also been commissioned and completed.

FGD will continue to feedback on any significant progress on the quest for a new stadium in the coming months.

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