Highbury Square - Arsenal Property Investment

Arsenal Football Club intend to redevelop their present Islington stadium at the end of the season into residential development.

Arsenal will move to their new Emirates Stadium next season, leaving Highbury deserted after a spell of ninety three years.

Highbury will be developed into Highbury Square, a proposed 711 flat structure with gardens, nursery, gym, underground parking, doctor’s surgery, swimming pool and other facilities.

The pitch itself will be retained as a communal garden developed by Christopher Bradley-Hole, ironically a Chelsea Flower Show winner.

London rivals Chelsea began the trend at the end of the last century by building a hotel and apartments on its grounds.

Arsenal’s scheme was exhibited in Hong Kong last month and rental yields are expected to be around 5 per cent.

The project looks set to attract property investors, football fans and high-earning commuters alike, although Robert Hadfield, managing director of investment property management company Pineflat, was uncertain about the investment potential of Highbury.

"A 5 per cent gross yield in a place with a service charge and a plentiful supply of similar flats, and the probability of strong competition for tenants, is hardly a compelling prospect in my book," said Hadfield, "However, I do realise a number of emotional factors also influence property investment decisions, so it might work for a committed supporter of Arsenal FC and property price inflation."

Highbury is just one of many stadiums to be considering (re)development for residential purposes. In Norfolk, Norwich FC intend to construct over 300 river-fronting flats and a hotel, while south coast club Portsmouth plan to build over 500 flats.

Date: 15.10.05

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