Grosvenor has has agreed to sell the freehold to Cambridge United’s football stadium back to the club.
The ground, called The Abbey, was sold in 2004 to businessman John Howard’s Bideawhile 445 when Cambridge United ran into financial difficulties. Grosvenor then bought the 6.1-acre site for £3.5m in 2010.
Now, majority owner of the club Paul Barry has written to supporters to say that Cambridge will buy the freehold back from the property giant. The deal is not yet complete and terms were not disclosed, but Barry said the two parties had “agreed a very fair and reasonable price”.
James Cochrane, project director at Grosvenor, said: “We are delighted to be returning the stadium back to a resurgent Cambridge United. The club is in a much stronger position today than in 2010, on the field, commercially and as a major contributor to the community. Playing a role in this success has been incredibly rewarding.
“We have a long-standing relationship with Cambridge and will continue to champion the future success of the city through Trumpington Meadows and other projects and in supporting the club on and off the pitch.”
Grosvenor has been active in the city since the development of the Grafton Centre more than 40 years ago. Recent projects include the Cambridge Grand Arcade and residential development Trumpington Meadows.
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