Wragge & Co Residential Development team advises Arsenal FC on £41 million Highbury Square sale

Wragge & Co LLP's Residential Development team has advised Highbury Holdings, a subsidiary of Arsenal Football Club, on the £41 million sale of apartments at its Highbury Square development to London & Stamford. The apartments incorporate part of the north stand of the site, part of the redevelopment of the former 38,500-capacity Arsenal Stadium.

Partner Duncan Murphy, who advised Arsenal on all property aspects of the redevelopment, led a team of real estate experts on the deal. Partner John Dixon and solicitor Gideon Frater, property litigation director Paul Kent, solicitor Ian Brooks and planning partner Karen Howard also assisted. They worked closely with Stuart Wisely, group chief accountant at Arsenal Group.

Duncan Murphy said: "This type of deal signals a renewed interest in the London housing market and is a positive sign that the residential development market as a whole is improving. With such a significant deal on the table, our knowledge and experience working on the development ensured a successful outcome for both parties."

The 724-apartment Highbury Square development is built on Arsenal's former ground following the club's move to Emirates Stadium in 2006. The development includes residential, retail and leisure accommodation and forms part of the overall Emirates project to regenerate more than 60 acres of land within north London.

This sale is the first residential purchase for commercial property investment group London & Stamford. It principally has interests in office, retail and distribution properties within the UK and selected overseas locations. Jones Day advised London & Stamford.

Wragge & Co's four-partner Residential Development team is supported by more than 20 dedicated specialists. Part of the full-service Real Estate group, the team works closely with housebuilders and developers and manages large, high-value, complex projects involving multiple land uses and multiple parties. Earlier this year it advised Persimmon Homes on its £60 million contract to provide up to 500 affordable homes to a consortium of four Registered Social Landlords.