Eight years ago Glasgow City Council hit the West of Scotland Housing Association (WSHA) with a compulsory purchase order to acquire some WSHA land, the GCC received the land and never paid for it. This how the arrogant GCC operates. The land in question was CPO’d was for the East End regeneration Route/The Clyde Gateway.
After the route was planned & built some of the WSHA land was leftover and surplus to requirements. Under the Crichel Downs rules, land compulsory purchased when sold has to firstly be offered to the previous owner.
However, in making an offer of the surplus land back to the WSHA, GGC imposed conditions and the main one was that WSHA could not make any profit on the further sale of the land.
From the previous post’s Committee Briefing document from 20th January 2014 the condition can be seen:
Now why would GCC impose such a restrictive condition on land which they had not even paid for and WSH owned in the first place. If WSHA had retained the land they would have been able to sell the land & get any profit.
Why did the GCC impose the profit restriction? Could it be that the main contender to purchase the land was Celtic PLC. The land fell into the Celtic Triangle:
In fact, the land in question was in the RHS part of the land that became security (Shaded in blue) for Celtic’s dodgy Co-operative Bank loan & overdraft:
See The Clyde Gateway Phase 2 – Disposal of Surplus Land doc below. Plot B is the land in question and as can be seen it ended up with Celtic. As planned by GCC? So GCC did WSHA out of the profit they would have been able to get from Celtic:
Doesn’t it seem strange that, in 2001, when the original Co-operative loan & overdraft was given to Celtic that only Celtic Park was the security. Yet every piece of land acquired by Celtic becomes additional security when the loan conditions have not changed.
A bank Risk Management Committee goes through any loan secured request to ensure the bank can get it’s money back if the lender fails. The only reason there has been repeated additional security is that the loan was not properly drawn up in the first place. That means it bypassed the Risk Management Committee. It was done at mates rates by people in the Co-operative Bank to Celtic’s advantage. Well we can see the consequences at the CO-operative Bank with it’s latest £1.5 billion loss.
Maybe, instead of Co-operative Bank being opportunist and reacting when Celtic PLC acquire land, that the CO-operative Bank are requesting more security and it goes in the opposite direction and the GCC facilitates the land to Celtic. Perhaps that’s why the GCC only offers land, not only in the Triangle – remember Westthorn. As has been pointed out previously, the issuing of Options over long durations, only to Celtic would appear to allow Celtic to decide when to acquire the land to placate the Co-operative Bank monster.
GCC: The Clyde Gateway Phase 2 – Disposal of Surplus Land 12th December 2013
Many thanks to pzj, The Engineer & several others for the source material.