Interesting, so they paid £500,000 for 800 acres and not the 250 as first thought.
Agricultural land prices are over £10k per acre, so that makes Peels land worth £80m. As the airport is prime building land its probably worth ten times that.
Hough did drop a hint which makes me think they have included another dodgy "share clause" which the councils signed off last time.
It will probably give Peel all the council shares in 5 years if their history is anything to go by.
Whats the betting Peel will want £5m plus off each council in 5 years like recent events, and if they don't the councils will have to give another 10% of their shares like the last 10 year deal.
Peel chairman Hough quote:
"Secondly, there is an agreement
we have entered into with the local authorities which is a framework, under which we will give assurances for the future to keep open the airport for a period of 10 years, with a break at
five years or thereafter
in the event of certain financial criteria not being met."
Clever funny handshakes with government ministers approving Grants to put roads and drains in ready for new houses, just like the One North East grants which paid for a new terminal road, which strangely enough is now where the houses are going to be built.
The local public lose out just like the Sheffield public did, with the tax payers paying for the road/drain infrastructure for house building.
One things for sure, Whitiker and Hough won't lose any sleep over the airport closing. They are making millions from certain airport council board members decisions in the past.
Its high time the original Peel / Council sale documents are made public. Peel got the airport for a fraction of its worth. If they have nothing to hide show the public the documents.
Who was on the board at the time???