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Arsenal’s grandstand project opens ... but flats aren’t selling any more
Jonathan Prynn, Consumer Business Editor23 Sep 2009
Arsenal's former Highbury Stadium will officially reopen tomorrow as a housing development, but about 80 "football flats" are still empty.
The north London ground has been converted into 655 apartments and penthouses around a square where the pitch used to be until the last game against Wigan Athletic in 2006.
More than 500 of the flats were sold off-plan in the two years after the £150million development - known as Highbury Square - was begun three years ago. One was sold to former Arsenal midfielder Robert Pires.
However, sales plummeted last year when the market for newly-built apartments collapsed. Documents lodged with the Land Registry show that only a handful of sales have been completed in the past year.
One owner also told the Standard that many buyers wanted to sell their flats but were unable to as they had installed tenants to help meet mortgage bills.
Although the club maintains that it always planned to hold some properties back for when the scheme was completed, Arsenal bosses have admitted that the severity of the property slump caught them by surprise.
But there are thought to have been enough sales to cover a £133million loan secured on the development and due for repayment next April. The two-acre garden square - one of the largest in north London - was designed by Christopher Bradley-Hole.
There have been complaints that the children from families in the 70 "affordable" apartments in Queensland Road will be banned from playing in the main grounds.
Islington Green Party councillor Katie Dawson said: "In terms of social cohesion it's a disaster waiting to happen. Not only have you got segregated living spaces... but you've also got two clearly segregated groups of people on segregated outdoor space."
Prices for the remaining unsold flats start from £250,000 for a one-bedroom flat and are being marketed by agents Savills.
Reader views (6)
We are about to leave HSQ after 18 months tenancy, The Idea of living in this space is fantastic but the realisation is unfortunately a little different. We live in the southstand, not pitch facing. We have unbelievable security and its always nice to say "I live in the old Arsenal fc stadium" but practically it doesn't work! our living space is directly facing someone else's on the other side about 60/70 feet away, if you enter the living room after a shower you need to make sure that no one is looking over at you because they can see right in, the cold water doesn't get cold in the summer, something to do with the distance it has to travel to get to your tap, we've had the oven replaced twice now the door handle wont stay on, the storage space is minimal at best, thank god we have one of those beds that let you store things underneath, there are signs all over the place saying "please close this gate quietly", WHAT SOUND DID THEY THINK THAT THESE HUGH STEAL GATES WOULD MAKE WHEN THEY CLOSED! Our landlord never paid the £30k for the parking space therefore we can't park underneath, the council wont let us have a parking permit on street because we are living in a building that supply parking "catch 22", the concierges, they are good in the main but there is this on guy (I wont name him) that seems to go out of his way to make thing difficult for you. then there's the GYM, I should say "then there isn't the GYM", this place has been open for ages and still no GYM !!!!!!!!!!!!
- Tony, London, 04/07/2010 15:17
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Why would they expect to be allowed to play there? The Queensland Road development is a completely separate building which is between 5 and 10 minutes walk away from Highbury!
- Alex, London, UK, 23/09/2009 22:39
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Extremely ugly. One notch up from the 'Jasmine Allen' estate seen so frequently on The Bill
- Mark, London, 23/09/2009 19:17
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What a disaster and a complete humiliation for everyone associated with this 'orrible little club!
What happened to the underground coach parking, the sports centre and the refurbishment of Holloway Road, Hill-Wood???
- St, London, 23/09/2009 18:01
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Err, I think this explains why they are not all sold - "Prices for the remaining unsold flats start from £250,000 for a one-bedroom flat and are being marketed by agents Savills".
Nuff said!
- Andy, London, 23/09/2009 16:57
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one of the ugliest developments ever built!
- Amir, Lonodn, 23/09/2009 11:36
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