Arsenal Holdings plc has announced the £26million sale of the Queensland Road development site to Barratt and London & Quadrant.

Work has been underway on the site next to the Emirates Stadium for the past year. When completed the £128m development will comprise three residential towers offering apartments ranging from studios to 1000 square foot penthouses. The development will also include two fitness suites, a landscaped podium garden, commercial premises and a cafe. Sales are expected to launch in September.

The sale of the development, which will be reported in the 2012/13 financial results, was completed by the Club’s property arm, Ashburton Trading Ltd, who were represented by its property development partner Antony Spencer.

Arsenal Chief Executive Ivan Gazidis said: “This is another important milestone for our property business which has provided a consistent flow of income over recent years. This money has been an important factor at a time when we have been building our capability to drive commercial revenues. This is the last major property deal open to us although we have some smaller projects in the pipeline.”

Alastair Baird, Regional Managing Director Barratt London said: “We are delighted to be building this landmark development in conjunction with our partner L&Q. It will bring desperately needed high quality homes to the area and will form part of our expanding presence across London."

Copyright 2014 The Arsenal Football Club plc. Permission to use quotations from this article is granted subject to appropriate credit being given to www.arsenal.com as the source 22 Jun 2012