Watford to redevelop Vicarage Road

Watford Leisure PLC, the company ownes Watford Football Club, said the club will participate in a proposed GBP 32.5 million redevelopment programme at Vicarage Road stadium to provide housing, and additional kiosks and bar facilities in partnership with social housing and support services provider Origin Group.

The proposed Watford Health Campus development project involves the Club redeveloping its Vicarage Road stadium with a 'wrap-a-round' housing development, which will offer key worker accommodation to the local community and staff of Watford General Hospital.

The Club's gross contribution towards the funding of the project will be approximately GBP 13.5 million, of which GBP 4 million will be funded by Origin in return for the Club granting a long lease over part of the land surrounding the stadium. The balance of GBP 9.5 million is intended to be satisfied as to GBP 3 million from the Club's own resources over the next three years and GBP 6.5 million from bank financing and/or potentially equity.The plans are subject to planning consents and approvals being granted, with work expected to begin in the 2007 close season and last for approximately three years.

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