Arsenal FC has sold the private housing at its Emirates Stadium in Islington, N7, to housebuilder Barratt.
The 375 homes in three towers are expected to sell for a total of £128m, with 1,000 sq ft penthouses priced at more than £500,000. No price was disclosed for the Queensland Road scheme, but the club was said to be seeking £25m.
The deal is the final part of Arsenal’s nine-year Ashburton Grove regeneration project and will see Barratt team up with L&Q in a 50/50 joint venture, starting on site in January. The 354-home affordable element of the scheme was sold off to Newlon last year for £23.25m.
Alastair Baird, regional managing director of Barratt London, said: “We are delighted to be delivering a second landmark scheme in conjunction with L&Q, who share our commitment to building the high-quality new homes that London desperately needs.”
“The homes will be situated literally yards from the stadium and we expect them to become as sought after by Gunners fans as the properties at Chelsea Village are by Chelsea supporters.”
The project is the second major jv that Barratt has announced in London with L&Q in the past six months. Barratt’s first major partnership with L&Q – the 27-storey residential tower at Alie Street in the City – started on site earlier this year. The £100m development will deliver 235 units by 2013 of which 64 will be affordable.
The first units of the Arsenal development were designed by CZWG architects and will be on sale in September. The scheme will also comprise 4,750 sq ft of commercial space and the build programme is expected to take three years in total.
Anthony Green & Spencer and Antony Spencer’s Stadium Capital advise Arsenal.
james.a.kenny@estatesgazette.com
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