Arsenal and Barratt London announced a deal to build 375 new private homes on the doorstep of Arsenal’s Emirates Stadium – completing the final piece in the nine-year Ashburton Grove regeneration project.

Together with 50:50 JV partner L&Q, Barratt expects to start on the site in Queensland Road, N7, in January 2012. This is the second major JV which Barratt has announced in the capital with L&Q in the last six months.

The £128m development will comprise three residential towers with units ranging from studios to 1,000 sq ft penthouses priced at more than £500,000.

Although there is no social component, L&Q (an RSL) will be acting as a development partner on the scheme and will take an equal share of the profits.

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. The £100m development will deliver 235 units by 2013 of which 64 will be affordable.

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.”

The first units at the development, designed by CZWG architects, will be on sale in September. The scheme will also comprise 440 sq m of commercial space and the build programme is expected to take three years in total. Barratt is the only major national housebuilder with a significant presence in London. Its landbank of more than 7,000 units in the capital comprises 30 sites located in 16 London boroughs.

Source: barrattdevelopments.co.uk

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