Chelsea stadium plan given boost in £50m property sale
CHELSEA have received a huge boost in their attempt to expand Stamford Bridge after neighbours revealed plans to sell off a substantial piece of land for £50million.
Housing association Stoll, which provides 157 supported homes for armed services veterans next to the Chelsea ground, has formally proposed plans to sell off land as it reduces capacity to ‘at least 50 new and refurbished flats’.
Consultation with veterans started this month in a bid to thrash out the best way forward and a final decision is expected by August.
A letter to residents, seen by The Mail on Sunday, said: ‘The charity’s trustees propose to redevelop the scheme in Fulham and to sell the remainder of the site. Following resident consultation, the trustees will decide the best way forward, informed by your contribution to this consultation.’
The proposed development is a huge boost to Chelsea’s incoming ownership consortium.
Chelsea’s expansion plans are hampered as Stamford Bridge is tightly hemmed in by surrounding buildings and railway lines.
However, an industry brochure distributed to Chelsea buyers suggested the ‘building next to the stadium’ could be purchased for £50m.
Although the building wasn’t identified, stadium experts told The Mail on Sunday they believed it related to Stoll’s building, known as the Sir Oswald Stoll Mansions.
Stoll proposes to demolish and redevelop the 100-year-old estate and replace it with modern social housing and communal facilities. It also hopes the money will fund new homes for vulnerable and disabled veterans at alternative sites.
The Victorian facade of Stoll Mansions would remain intact as it is a listed building. Approximately 30 of the flats are already empty.
Roman Abramovich and Stoll had also previously agreed a £50m sale for part of the site before the deal collapsed as the Russian’s plans to build the stadium were shelved.
The Mail on Sunday understands that Chelsea’s £2.6bn sale to Todd Boehly’s consortium is unlikely to be completed this week, leaving the club and the UK Government just over a week to complete the deal before the exemption to sanctions runs out on May 31.
While all parties are confident the deal will be done on time, its complexity, with a need to ensure that no money ends up with Abramovich, means no announcement is expected this week.
The entire £2.6bn proceeds may have to be placed in trust or an escrow account, which cannot be accessed without a mutually agreed independent arbiter allowing it, until the complexities are sorted.