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Veterans housing provider agrees deal ‘in principle’ to sell site to Chelsea FC
A register provider of supported housing for veterans has agreed in principle to sell the majority of its flagship site in Fulham to Chelsea FC, subject to a resident consultation.
Stoll has reached a deal with the club’s ownership group over the Sir Oswald Stoll Mansions site, which will see the landlord retain 20 flats in the property as part of the plans.
Following a consultation with residents last year, Stoll gave organisations the opportunity to express an interest in the site.
The landlord received 13 bids that were reviewed over a period of six months to ensure the best possible outcome for residents.
Stoll explained that it recognises that the first resident consultation it carried out in 2022 addressed a part site sale, while this proposed deal involves retaining a smaller footprint.
As a result, Stoll will today begin a new nine-week consultation with residents.
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If the sale goes ahead, the association will be able to develop new properties for veterans with support needs, who will benefit from improved facilities and broader services.
It will also allow Stoll to enhance its community outreach programmes.
Ray Lock, chair of Stoll, said: “Many of the properties on our Fulham site were built over a century ago and will require major upgrades to meet future regulations. Without this investment from the proposed sale it would not be feasible to provide the quality of accommodation and services we need to offer long term to veterans across the UK.”
Mr Lock said the cost of bringing the properties in line with current housing standards would cost at least £10m, which is money the landlord “simply does not currently have”.
He added: “Even beyond this cost, new facilities and further investment would be needed to meet statutory housing requirements; the reality is the site at Fulham is unsustainable for the long term.”
“The board assessed many factors, and concluded that the Chelsea FC ownership group offered the strongest bid in terms of how it would support Stoll and our residents during the process.
“It is a financial offer which would secure the future sustainability of the organisation and its understanding of the charity and the importance of continuing to have a positive impact on veterans’ lives for generations to come.”
Real estate consultancy Knight Frank continues to lead on the proposed sale, with Stoll expecting to make its final decision in the autumn, after considering all consultation responses.
Chelsea FC declined to make a comment at this time.
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