Meadowbank sale in doubt due to slump
THE sale of Meadowbank Stadium may be halted by a slump in property prices, it has been reported.
Council officials are understood to be fearful that the global downturn in the property market could impact on the scheme.
Deputy leader Steve Cardownie reportedly said: "Everyone knows there has been a downturn. We are having to take stock of everything."
Meadowbank was earmarked for demolition in March 2004. Plans are to sell off a third of the stadium, allowing smaller facilities to be built on remaining land.
Initial valuations suggested 17 million could be made from the sale of the land, but in the current climate that looks less likely.
The council initially agreed to replace the stadium with a state-of-the-art facility at Sighthill. Officers later announced the 126m vision was not feasible.
Campaigners continue to fight to save Meadowbank – where Olympic hero Chris Hoy began his career – calling for renovation, not demolition.
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Tuesday 22 May 2012
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