London: West Ham United Plc, the English Premier League club based in east London, agreed to sell their Boleyn Ground Football Stadium, also known as Upton Park, to developer Galliard Group as they prepare to move to the city’s Olympic Stadium.
Galliard plans to build a residential and retail village on the site and will work on the project in consultation with the local government, the companies said in an e-mailed statement on Monday. The purchase price wasn’t disclosed.
West Ham were chosen as the tenant of London’s Olympic Stadium in March 2013, ending three years of legal disputes over the 2012 games’ prime asset. The team will move to the stadium in 2016, according to the statement.
“We opted to reach an agreement with Galliard because they are a local London developer and employer with origins in east London,” West Ham United vice-chairman Karren Brady said in the statement. “We have been true to our word by securing the regeneration of two areas of east London through our move to the Olympic Stadium.”
West Ham will lease the 537 million pound (Dh3.24 billion) stadium for 99 years, which gives it year-round use of the centrepiece of the London 2012 Olympics and Paralympics, the London Legacy Development Corporation, successor to the Olympic Park Committee, said in a statement in March 2013.
The village at Boleyn Ground will take about 30 months to build, and will be completed in late 2018, according to the statement.