City 'has no idea' when Meadowbank stadium will be rebuilt

Published on Monday 19 October 2009 10:03

CITY leaders have admitted they have no idea when a new sports stadium at Meadowbank will be built.

Culture leader Deidre Brock said that the council remained "fully committed" to the scheme, which would see a new 5000-capacity stadium, running track and indoor sports centre built on the eastern part of the site – but does not know when it will happen.

The stadium would be funded by demolishing the existing stadium and velodrome and selling off a third of the land for housing.

Cllr Brock said that nothing can happen until land values start to increase – and admitted she has no idea when that could happen.

Property experts say development land has declined in value by up to 70 per cent and it could take years before the value starts to increase.

In response to a question about the project by Conservative councillor Gordon Buchan, Cllr Brock said the plans for the redevelopment of Meadowbank are on hold and will be recommenced "once land values start to recover and a funding package can be secured".

She later added: "The issue is very much dependent on land values. If you're asking me to guess when the current economic crisis will end then, like most financial experts, I am unable to do that (but) I am fully committed."

City leader Jenny Dawe today insisted that Meadowbank remained firmly on the Capital project agenda but admitted it could be "some time" before work is able to start. She said:

"It would be foolish for us to look to sell now. It would be a fire sale and we wouldn't get anything like the value we will hopefully get in two years' time."

The council had expected to bring in around 17 million by selling the land for housing. The money would contribute to the 25m cost of the new stadium.

Alasdair Humphery, a director in the Edinburgh office of property firm Jones Lang LaSalle, said it was sensible not to sell in the current market. He said: "It is a prominent city site and I think the council would be rightly criticised if it sold off parts of it cheaply."

Work has started on 1.45m of measures with Edinburgh Leisure to ensure that Meadowbank can continue to operate. It includes improvement to the entrance, seating and track.

Cllr Buchan said: "if the (culture and sport) convener can't make an estimate of when it will be revamped then that is a worry."