Registered On: December 24, 2013
No. Land that GP is on was prime retail when Swann took over but bricks and mortar retailing has crashed since then, especially over the past 12 months due to covid, which has accelerated the move to online shopping.
People also have to take into account the tax implications. As far as I understand it the sale of land is subject to CGT but becomes much more complicated when development land is concerned. On a deal of this size, especially, HMRC is likely to be very interested in the valuation used.
Swann will have good tax advisers but that is perfectly legal and sensible for any business transaction. People might not be happy about what’s happened but that doesn’t mean there’s a smoking gun anywhere.