Arsenal have announced that its property arm has sold a section of the Queensland Road development site next to its Emirates Stadium to Barratt and London & Quadrant, reports SportsPro. The deal is worth £26 million and will be reflected in the club's 2012/13 financial results. The sale was completed by the Gunners property arm, Ashburton Trading Ltd, who were represented by its property development partner Antony Spencer.
The £128 million development has been in progress for over a year. When complete, it will comprise three residential towers. The development will also include two fitness suites, a landscaped podium garden, commercial premises and a cafe. Sales are expected to launch in September.
Arsenal chief executive Ivan Gazidis said: "This is another important milestone for our property business which has provided a consistent flow of income over recent years.
"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."
