FINANCE: Arsenal Football Club reported a “low key” year for its property business in the 12 months ending 31 May 2014, with pretax profits of £0.9m compared with £5.1m last year.
Last year’s figure included profits from the £26m sale of its development site at Queensland Road North East to Barratt and London & Quadrant. However, sales activity at this year has been confined to the sale of “a small number” of houses associated with the club’s Highbury Square development.
Turnover in the property business was £3.2m during the period, less than 10% of last year’s £37.5m.
Securing planning consent for a proposed development at Hornsey Road is proving to be a “difficult process”, Stuart Wisely, chief financial officer, said. “Until it is resolved, we are unable to unlock the value of this site.” he said.
sophia.furber@estatesgazette.com
