Arsenal Football Club have signed a £25m deal for a residential property project with Barratt Developments.
The multi-million pound contract will see the Coalville based developer construct 375 homes at the Emirates Stadium, a deal which could eventually be worth £128m.
Arsenal FC director, Ken Friar said, “This is the last piece of the jigsaw in our new stadium project which has delivered huge regeneration to the Borough of Islington. 2,500 new homes and 2,500 new jobs have been created over the past six years. I am proud that we stayed in Islington and proud that Arsenal has helped contribute to the local community in this way.”
Alastair Baird, regional managing director of Barratt London, said, “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.”
Work on the project is expected to begin in January 2012 at the site on Queensland Road and will see the construction of 375 new homes across three residential towers, with penthouses priced at more than £500,000.