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Barratt signs deal for Emirates Stadium project in London

It has exchanged contracts on a deal to build 375 new private homes on the doorstep of premiers football club Arsenal’s Emirates Stadium, completing the final piece in the nine year Ashburton Grove regeneration project.

Together with 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 £128 million development will comprise three residential towers with units ranging from studios to 1,000 square feet 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 £100 million development will deliver 235 units by 2013 of which 64 will be affordable.

 ‘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,’ said Alastair Baird, regional managing director of Barratt London.

‘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,’ he added.
Mike Johnson, development director at L&Q, said that the scheme which will provide much needed high quality new homes in a place which is especially important to many Londoners.

Whiles Arsenal FC director Ken Friar said it is the last piece of the jigsaw for the new stadium project which has delivered huge regeneration to the Borough of Islington. ‘Some 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,’ he added.

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