The deal, thought to be worth around £800,000 could be approved later today by the council and will see four land transcations as well as the London Road Primary School eventually sold to the club.
The land is surplus from the creation of a new road through the east end of the city, and had initially been offered to both a local housing association and regeneration agency who rejected the chance to take up the offer.
The District Valuer Services (DVS) - an arm of HM Revenue and Customs - came up with the price Celtic will pay, and although the school, which will be demolished, is expected to be sold for around £360,000 the DVS insisted that ‘the council should seek to bind the parties to a programme of environmental improvements in view of the forthcoming Commonwealth Games.’
If the Hoops use the land for anything other than a superstore or a ticket office within the next 15 years, the council will receive a further windfall of around £100,000.
There had been issues regarding the school’s heritage, but Historic Scotland told The Herald: “It is disappointing that the B-listed former London Road Primary could not be incorporated into the plans for the 2014 Commonwealth Games.
“However, we took into account all the circumstances of the case and referred the case back to Glasgow City Council for their own decision.”