Barratt JV to build £128m Arsenal scheme

Barratt is to build a £128m CZWG-designed development of three residential towers next door to Arsenal’s Emirates Stadium in north London.

The housebuilder announced today that it has signed a JV with Registered Social Landlord L&Q for the construction of 375-home at the site on Queensland Road, including 1,000sq ft penthouses.

Although L&Q is an RSL, there is no social component to the scheme and its role as development partner will see it take an equal share in profits.

Work will start on the site in January 2012 and it will take three years to complete.

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 which 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.”

Mike Johnson, Development Director at L&Q, said:“We are very pleased to be working in partnership with Barratt to delivery this landmark scheme, which will provide much-needed high-quality new homes in a place which is especially important to many Londoners.”

Arsenal FC director Ken Friar said: “We are delighted to have signed with Barratt. 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.”

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.