Since Glasgow City Council claimed they used the District Valuer Service to value the London Road Primary School I thought what would the valuations of Lennoxtown and Westhorn be if I used their resources too. The DVS is a dept of the Valuation Office Agency (VOA), part of HMRC, which are property valuers for the public sector and they produce Property Market Reports each year. http://www.voa.gov.uk/DVS/index.html
The latest report is for 2011 but previous years are archived in the National Archives: http://webarchive.nationalarchives.gov.uk/20110320170052/http:/www.voa.gov.uk/publications/property_market_report/index.htm
In June 2006, Celtic were given 19.45 hectares of land at Lennoxtown for their training ground it cost them the bargain basement price of £493,000.
Using the archived July 2006 report section for Residential Building Land figures: http://webarchive.nationalarchives.gov.uk/20110320170052/http://www.voa.gov.uk/publications/property_market_report/pmr-jul-06/Residential-figures.pdf
Using the table above as at 1 July 2006 and taking the Scotland row and erring on the conservative side using the lower Small Site of £1.67 million. What valuation do we get on the 19.45 hectares? As can be seen above in the table at the top, it is a whopping £32.5 MILLION.
Celtic got a bargain worth 64 TIMES WHAT THEY PAID FOR IT. This is an obscene gross corruption, transfer of assets from a public body to a private firm and a massive amount of State aid.
Using a similar method with Westhorn and the January 2008 property report http://webarchive.nationalarchives.gov.uk/20110320170052/http://www.voa.gov.uk/publications/property_market_report/pmr_jan_08/index.htm
and taking the Residential Building Land figures section. The £ per hectare for Small Sites value for Scotland in the Value of land for residential development as at 1 January 2008 table was £2.13 Million per hectare.
The calculated realistic value of the 5.33 hectares of Westhorn is £11.4 Million. Not as obscene but still a massive 15 times the value paid. It’s claimed that a portion of Westhorn land was impaired. Even saying 50% impairment means it’s still worth £5.7 Million and £5 million over the cost transferred from the public purse to Celtic FC.
Using the best unbiased land valuations, taking the smaller per hectare value, in the years they were bought, Celtic has ended up with a total free transfer from public sector bodies, Glasgow Health Board and Glasgow City Council, of assets worth £35-40 MILLION over and above what they paid.
Bear in mind these were the valuation in 2006 & 2008, so even taking a small % of land out for roads would be unlikely to overcome the increase in value of those tracts of lands from over 6 years ago.
What is just as damning as this transfer of public wealth is that no Scottish journalist has touched this story even though all the information is in the public domain.