The Sir Oswald Stoll Foundation will proceed with plans to sell the majority of its housing site for military veterans to Chelsea Football Club, it has announced.
Trading as Stoll, the charity’s site is next to Chelsea FC’s ground, Stamford Bridge, which the club is planning to expand.
Trustees received 13 bids for the Stoll Mansions site of flats, with the sale reported to be worth around £80m, but the charity would not confirm the fees.
Stoll Mansions includes 157 flats used to house military veterans. Stoll will retain 20 of the flats in the sale.
Trustees made the decision following a nine-week consultation with residents, the charity said, with the sale subject to contract and expected to be complete by early 2024.
Military veterans must move home
Around 100 residents are reported to have to leave the flats because of the sale, according to reports in the Telegraph.
However, Stoll said residents will not have to leave their homes straight away, as the sale includes a leaseback period the charity will utilise.
A Stoll spokesperson said: “While that period of time is still subject to contract negotiations, we expect to have at least two years in which our support services team will work with every resident in finding new accommodation that is right for them.”
‘Refurbishment would require funds the charity does not have’
In a statement, Stoll said it had “carefully considered” refurbishing the site but found this “would require funds that the charity does not currently have and would also require current residents to leave their homes”.
The charity had an annual income of £3.8m in the year to March 2022, £3.2m of which was raised through property costs.
Stoll said the renovations required for the site would cost the charity around £10m.
It said the sale would enable it to buy new properties that would provide “higher quality accommodation and facilities” for its veterans.
Stoll said in its announcement: “The resident consultation report clearly showed the need to enhance resident support services throughout this process, which Stoll is doing as a matter of priority.
“The charity will organise additional one-to-one and group meetings for residents with Stoll staff and the board of trustees to ensure residents remain informed as the sale process proceeds.”
CEO: ‘The site is not fit for purpose’
Stoll’s CEO Will Campbell-Wroe said: “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.”
