Bootham Crescent sold for £7M to Persimmon

York City have announced today that they have finalised the sale of their old ground Bootham Crescent for £7 million. The price is supposed to be about 10% below
market value.   All subject to earlier property deals on the ground.

Their Trust were happy with how the sale was carried out.

The owner Jason McGill has put a lot of money into the club.  He will need repaying and they have had to cover some costs of their new ground.

Bootham Crescent is about the same size as BP, although land and house prices higher in York than Cleethorpes.  Still, based loosely on the £7m sale price (or even £8M) BP has perhaps a higher sale valuation than previously thought?

Average house prices in the Bootham Crescent area of York are around circa £450k - £500k, versus around £80k in the areas immediately surrounding Blundell Park. That’s roughly 6x as much.

The Bootham Crescent site is quoted as being about 4.3 acres, versus BP which is about 3.9 acres including the car park.

Doing the maths, that values the land on which BP sits at about £1m - £1.2m, a figure which has probably increased significantly over the course of the past 24 months.

Whilst that’s positive, I suspect that any gain would be offset or perhaps even entirely wiped out by a similar if not even more aggressive inflation in the cost of building materials.

Quoted from Poojah

Average house prices in the Bootham Crescent area of York are around circa £450k - £500k, versus around £80k in the areas immediately surrounding Blundell Park. That’s roughly 6x as much.

The Bootham Crescent site is quoted as being about 4.3 acres, versus BP which is about 3.9 acres including the car park.

Doing the maths, that values the land on which BP sits at about £1m - £1.2m, a figure which has probably increased significantly over the course of the past 24 months.

Whilst that’s positive, I suspect that any gain would be offset or perhaps even entirely wiped out by a similar if not even more aggressive inflation in the cost of building materials.

I seem to have a valuation of around £800k in my head but given the increase in property prices over the last couple of years, I think your estimate of £1m - £1.2m is probably about right.

Quoted from Poojah

Average house prices in the Bootham Crescent area of York are around circa £450k - £500k

Wow, wouldn't have guessed that high. Must be one of the highest in Yorkshire/maybe even the north? That's definitely higher than relatively central Leeds.

Quoted from Son of Cod

Wow, wouldn't have guessed that high. Must be one of the highest in Yorkshire/maybe even the north? That's definitely higher than relatively central Leeds.

Yep, I live in Leeds and have friends in York. They are, quite obviously, very different cities. Properties in central Leeds are generally newer apartments, and with the exception of large penthouse types, aren’t really suited to family living.

Properties in York’s historic city centre tend to be large, Victorian homes and therefore offer a lot more space. It’s quite possible to have a sizeable, 4 or 5 bedroom house with character and still be in easy walking distance of the city’s amenities. Ideal as York’s such a lovely city with lots going on, but you’ll certainly have to pay for the privilege.

Quoted from Son of Cod

Wow, wouldn't have guessed that high. Must be one of the highest in Yorkshire/maybe even the north? That's definitely higher than relatively central Leeds.

York, Bath, Cambridge - examples of small cities with historic cores and eye-watering house prices. I'm afraid Cleethorpes isn't even on the scale compared to these. And construction costs will have outstripped any value growth at the Cleethorpes level with more inflation to come. Steel, cement products including blocks and bricks are massively energy dense manufacturing processes - those prices will be going through the roof.

Bootham Crescent’s about 2 mins from York Hospital, around the corner from a private school charging about £30k a year and 5 mins walk to the train station. You could put a load of townhouses on the site for doctors or wealthy bods & get your £7m back no trouble.

You'd have to suppose that any development of housing on the BP site would simply be extensions of Imperial Avenue and Constitutional Avenue with terrace housing to join up with Harrington Street. That would be 120+ new homes

Prices in Cleethorpes are on the up. I reckon if the ground were re-valued now it would be 1.5m minimum. Thank you, Vladimir.

Then you have to factor in the cost of demolition, guessing but probably in the region of 500K ?