National arena decision coups land windfall for family business.The land market in Glasgow is now rising too fast for council lawyers to keep up. In the six months it took the council to cross the T's and dot the I's on an agreement to purxchase the Springfield wire works, the land value had jumped 22%.
The council admits the rise is because of the site's “strategic location. In particular, the Herald reports, "the price rise can be linked to the go-ahead in July for a national indoor sports arena, to be built on vacant land across the road."
Lucky for the seller they were able to renegotiate "some aspects of the previous agreement, in particular the sale price." Not so lucky, though, for the council tax payers who will have to find an extra £125,000 next year.
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