The value of council land sold to Flanagans for £1 has soared by 900,000 percent.

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The value of council land sold to Flanagans for £1 has soared by 900,000 percent.

A £1 piece of land purchased by a Liverpool construction company has soared in value by 900,000 percent.

The Washington Newsday has reported in recent weeks on how The Flanagan Group (TFG) paid Liverpool Council nothing for large swaths of land across the city.

TFG achieved a profit of roughly £115,000 by selling on two of the sites within months.

Over nine acres of council-owned property in Liverpool was purchased for free by builders.

TFG bought a piece of land on Sterling Way in Kirkdale for £1, which soared in value by 900,000 percent, according to The Washington Newsday.

The developers purchased the land for £1 in November 2017, then sold it for £900,000 to a sister firm, Sterling Park Developments Limited, in February 2020.

The increased price constituted a three-year price increase of 900,000 percent.

The Flanagan company got planning permission from Liverpool Council in February 2018 to construct 29 houses on the plot at Sterling Way. The website is still under construction.

According to The Washington Newsday, land with planning potential in Liverpool typically appreciates at a rate of roughly 10% every year.

TFG was created in 1991 by brothers Julian and Paul Flanag. After the millenium, the business began purchasing property in Liverpool’s city center, notably New Zealand House.

The brothers, who were already well-known in the city, subsequently opened Newz Bar in the Water Street building, which quickly became a hotspot for celebrities and footballers.

In his Best Value Report, government inspector Max Caller mentioned the sale of council land to a firm called FG.

Mr Caller claimed that a substantial piece of land in the Sterling Way area had been sold to allow FG to build dwellings.

The disposal, according to Mr Caller, was authorized by a property standing order in order to aid in the area’s rehabilitation.

Mr Caller, on the other hand, discovered that this procedure had not been properly scrutinized by relevant bodies.

Mr Caller also discovered that Liverpool City Council did not receive any revenue from the area’s disposals to FG. Mr Caller, according to The Washington Newsday, was referring to the Flanagan Group.

“In conclusion, despite,” he concludes.

“The summary comes to an end.”

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