Meadowbank - Latest News

Thursday 20 November 2008
The redevelopment of Meadowbank stadium is to be suspended temporarily until land values in Edinburgh recover. The project had been due to start in early 2011 with a two year target for completion but the recent onset of a global financial crisis has contributed to a decrease in the value of the Council’s land assets. This decision was taken at a meeting of the full Council on 20 November 2008 

Councillors agreed in March of this year to sell off one third of the land on the Meadowbank site to help pay for a new stadium on the site. At that time the land had an estimated value of £17 million to contribute to the £25 million project but current estimates suggest the value has dropped to £5 million. The programme of work at Meadowbank will now be delayed.

The Council recently published its first autumn budget statement which set out the current financial position in consideration of the credit crunch.It pointed out that until recently the Council had expected to raise £43 million from the sale of land and properties to pay for new capital projects. However, because of the impact of falling land values, current estimates point to a shortfall of £20million

Thursday 26 June 2008
An article appeared in The Evening News on 25 June 2008 claiming that the Meadowbank project has a £2 million shortfall due to the recent fall in land value. A Council spokesman countered this by saying 'The current value of this prime city site has been assessed using professional advice and include our architects' views on land use. Based on this our target remains £17 million and we believe this is achievable. However, the final value will be determined by the planning process and the market at the time of sale which is way off.' 

Wednesday 25 June 2008
Paper to Culture and Leisure committee is passed with minor ammendments. Council Officials are writing to Community Councils shortly to offer consultation on the proposed development.

Tuesday 24 June 2008
Paper goes to Culture and Leisure committee for consideration.
View this committee paper.

Wednesday 18 June 2008
Paper for Culture and Leisure committee is released into the public domain

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