The Sir Oswald Stoll Foundation has completed its sale of the majority of its housing site to Chelsea Football Club for £80m.
Stoll Mansions includes 157 flats that house military veterans, with 20 properties retained by the charity in the sale.
The charity, which trades as Stoll, received 13 bids when it put the site on sale in 2022, most of which were over £50m.
Writing in an upcoming article for Governance & Leadership magazine, chair Ray Lock said the Chelsea FC bid, which included a three-year leaseback at peppercorn rent, was the best offer “by a significant margin”.
“That made sense – aspirations for Stamford Bridge Stadium redevelopment by the club’s new owners meant acquiring our site – and they clearly didn’t want to lose out.”
Purchase of new housing site
Following concerns about veterans having to leave their homes, the charity has purchased 128 housing properties in King’s Road Park, Fulham from St Williams House.
This means all veterans currently at Stoll Mansions will be given the option to move to King’s Road Park under the same tenancy terms as before.
Residents who choose not to move to another Stoll property will be provided with 12 months of support from the charity, including help with applications to other housing providers.
The charity, which recorded an income of £3.75m in the year to March 2023, will provide financial support with the costs of moving to all veterans, as it acknowledged that the transition will be “challenging” for its residents.
In October, the charity said it did not have the funds to refurbish the Mansions on the housing site, with the CEO saying the properties were “not fit for purpose”.
‘Transformational moment for Stoll’
Will Campbell-Wroe, chief executive of Stoll, said: “The completion of the sale marks a transformational moment for Stoll, and forms a central part of our longstanding mission to house and support many more veterans to lead fulfilling, independent lives both now and in the future.
“We understand that any transition to a new home will be challenging for many of our residents, and we are committed to providing every resident with an enhanced programme of financial, wellbeing and rehousing support – as we have been throughout this process.
“The properties at King’s Road Park will provide a higher standard of living along with being more comfortable, sustainable and energy efficient.”
Jason Gannon, chief operating officer at Chelsea FC, said: “We are delighted to increase our footprint at Stamford Bridge and take a significant step towards ensuring the long-term financial sustainability of the club.
“We appreciate the opportunity to work with the Stoll throughout a competitive tender process and we are pleased to help ensure those veterans that wish to remain inside the Borough of Hammersmith and Fulham will be able to do so.
“Our thanks go to both Stoll and the local council, whose leadership has been essential to the process.”
