The site is next to Chelsea FC's Stamford Bridge stadium
October 17, 2023
Veterans’ charity Stoll has finalised an agreement for the sale of the site of the Sir Oswald Stoll Mansions building to Chelsea FC.
The Board of Trustees says the deal was completed after a 9-week consultation with residents and the funds raised on the 1.2 acre plot will enable it to secure its financial sustainability, establish new properties and provide better services for veterans.
The sale, which is reportedly worth around £50 million, sees Stoll retaining only 20 flats out of the current total of 157 in the building on Fulham Road. Residents will not be required to leave immediately as part of a leaseback agreement with Chelsea FC.
The deal will allow the football club to expand its stadium at Stamford Bridge reviving plans originally made under Roman Abramovich who had agreed to purchase the site from the charity in 2018 before issues with his visa led to a pause in the deal.
The sale will be completed in early 2024 but Chelsea FC are unlikely to take possession until 2025.
The charity says it can provide a better service to veterans by relocating from the current facilities
A statement from the trustees says, “The board carefully considered refurbishing the site or rebuilding part of it, and concluded that any refurbishment would require funds that the charity simply does not currently have, and would also require current residents to leave their homes.
“The sale will enable Stoll to establish new properties which would provide higher quality, more sustainable housing with greatly improved grounds, accommodation and facilities, while also securing the long-term financial sustainability of the organisation and enhancing its services to veterans.”
Stoll chief executive Will Campbell-Wroe added, “The veterans are the heart of this organisation and we continue, as we have always done, to act in the best interests of the charity and its beneficiaries.
“The Chelsea FC ownership group’s offer enables us to limit uncertainty for residents and offer support over a longer period of time.
“The site at Fulham is just not fit for purpose for the long term and while this is a difficult time for our residents, it is something we must do, to enable us to support veterans now and in the future. We are enhancing our robust support programme for our residents during this process and our commitment to them will continue to be at the forefront of all we do at Stoll.”
Stoll reviewed 13 bids before selecting the one from Chelsea FC
Current Chelsea owners Todd Boehly and Clearlake Capital have not yet totally ruled out a move from Stamford Bridge even with the completion of this deal but it is thought likely that alternatives would be impractical making an expanded stadium likely before the end of the decade.
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