IainB Posted June 12 Report Share Posted June 12 1 hour ago, eric i said: Sold in 2015 for £2,700,000 the conditon is terrible and all assets have been stripped but land value has increased alot in 10years so anyones guess on value. Gemini AI when asked what the value would be for CPO purposes says: This is where it gets highly speculative, as CPO valuations are the subject of intense negotiation and often end up in tribunal. However, based on the information available and the legal principles: My Estimation (with significant caveats): I would estimate the value of Brandon Stadium for a compulsory purchase order, under the specific circumstances of Rugby Borough Council seeking to restore it for motorsports, to be in the range of £1 million to £3 million. Here's the reasoning behind that estimation and why it's so difficult to be precise: Why it's not a huge multi-million pound figure (like residential land): * No Planning Permission for Housing: This is the most critical factor. Brandon Estates has repeatedly failed to secure planning permission for residential development. The Planning Inspectorate has been unequivocal that the site is not surplus to requirements for sports, and the new Rugby Local Plan explicitly aims to protect it for motorsports. This means any "hope value" for residential development is severely diminished, if not entirely removed, by the Levelling-up Act's provisions. * Derelict State and Remediation Costs: The site is derelict. It requires significant capital expenditure to bring it back into a usable state for motorsports or any other purpose. Estimates from 2016/2017 suggested over £1 million for "full reinstatement." Any CPO valuation would implicitly (or explicitly) consider the cost to cure these issues, reducing the "as is" value. * Public/Community Benefit: If the CPO is for the explicit purpose of restoring it for community and sporting use, the "public interest" argument for limiting compensation to the actual use value (and not speculative residential value) would be strong. Why it's not a negligible figure: * Land Value: Even derelict land in a strategic location has some inherent value. * Potential for Sporting Use: While not a massive profit generator, there is a proven market for speedway and stock car racing, and a consortium is actively trying to purchase it for this purpose. The value would reflect its potential as a functioning (albeit perhaps low-margin) sports venue. * "No Better, No Worse" Principle: The owner must be compensated for the value of their interest. Even if they haven't been able to develop it, they still own the land. * Other CPO Compensation Elements: The £1-3 million is primarily for the land itself. On top of this, Brandon Estates would be entitled to compensation for professional fees (legal, surveying), and potentially a "basic loss payment," which is a statutory payment calculated as a percentage of the land value (up to a cap). These "other losses" could add several hundreds of thousands of pounds. Factors that would heavily influence the final figure (and why my estimate is broad): * Detailed Independent Valuations: Both the acquiring authority and Brandon Estates would commission their own expert valuations, which would then be negotiated. * Negotiation Skills: The skill of the negotiators on both sides would play a role. * Upper Tribunal (Lands Chamber) Decision: If no agreement is reached, the Tribunal would make the final decision. Their assessment would consider all evidence, including the impact of planning policy, the site's condition, and the "no scheme principle." * Specifics of the "Hope Value" Removal under the Levelling-up Act: The precise application and judicial interpretation of these new powers would be crucial. In essence: The valuation for a CPO would likely be based on the stadium's value as a site for future sporting use, discounted by the cost of its current derelict state, and significantly reduced by the lack of any viable planning permission for residential development and the ability of the acquiring authority to remove "hope value" for such uses. It would be a contentious figure, but far less than what it might be if residential development were a genuine, permissible option. Quote Link to comment Share on other sites More sharing options...
mikebv Posted June 12 Report Share Posted June 12 Can you ask Gemini AI how he/she/they/it would sort out British Speedway....? He/she/they/it, seems to have some capability... 1 Quote Link to comment Share on other sites More sharing options...
IainB Posted June 12 Report Share Posted June 12 7 minutes ago, mikebv said: Can you ask Gemini AI how he/she/they/it would sort out British Speedway....? He/she/they/it, seems to have some capability... 1 4 Quote Link to comment Share on other sites More sharing options...
TheWellBehavedWorrall Posted June 13 Report Share Posted June 13 8 hours ago, mikebv said: Can you ask Gemini AI how he/she/they/it would sort out British Speedway....? He/she/they/it, seems to have some capability... According to ChatGPT, speedway can be saved through modernisation and digitalisation which I suppose BSN and individual clubs are doing through live streaming, but also shorter, punchier events. Having watched tractors go around Ashfield for around half an hour this season, I couldn’t agree more with that suggestion. Casual fans and families won’t entertain waiting. It also suggests a stronger online presences which I can understand, given club’s websites and social media pages are rarely up to date and live. It suggests dropping the two weak leagues and consolidating them to one bigger league, thus stopping doubling-up which it says is damaging identity and competition. Amongst many other things. Quote Link to comment Share on other sites More sharing options...
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