Arsenal secures financial support from property arm
6/25/2012 9:30:20 AM -
Arsenal has secured another cash injection from its property business with the £26 million sale of a development site next to the club's Emirates Stadium.
The Queensland Road site has been bought by developers Barratt and London & Quadrant. When completed the £128 million development will comprise three residential towers offering apartments ranging from studios to 1,000 square foot penthouses. The development will also include two fitness suites, a landscaped podium garden, commercial premises and a cafe.
Arsenal said the sale, which was completed by the club's property arm, Ashburton Trading Ltd, will be reflected in its 2012-13 financial results. 'This is another important milestone for our property business which has provided a consistent flow of income over recent years,' Arsenal chief executive Ivan Gazidis told the club's official website, www.arsenal.com.
He added: 'This money has been an important factor at a time when we have been building our capability to drive commercial revenues. This is the last major property deal open to us although we have some smaller projects in the pipeline.'