West Ham United will sell its Boleyn Ground stadium to developer Galliard Group in a move that will see hundreds of homes created in east London.
Galliard proposes to build new homes and retail and leisure facilities on the site along with underground parking. The group has said it will undertake consultation with local residents and businesses about its plans.
The development would have a construction programme of around 30 months, with an anticipated completion date of late 2018. No financial details of the sale have been disclosed.
West Ham selected Galliard as the purchaser of the site following a competitive bidding process. The club said the developer was chosen “ahead of a number of other national and international companies”.
Galliard will also engage in discussions with the family of former West Ham United and England captain Sir Bobby Moore about a proposed central landscaped garden, to be named the Bobby Moore Memorial Garden.
Another proposal would see fans and local residents polled to name each building after a “legendary player or an historic event at the club”, according to a statement from West Ham United.
The sale of the stadium, also known as Upton Park, follows West Ham’s successful bid to be the new tenant of the Olympic Stadium, after it beat Tottenham Hotspur and Leyton Orient football clubs to the tenancy.
West Ham will move to its new home in Stratford in 2016, with the club paying £15m towards the stadium’s conversion, to be undertaken by Balfour Beatty.
Galliard Group has previous experience of stadium housing projects, having played a role in the development of residential housing at Arsenal’s Emirates Stadium.
It has a portfolio of mixed-use, residential, hotel and commercial projects across London and southern England worth more than £1.1bn.
The Evening Standard reported the sale would fetch less than the £71.2m that the 35,016 all-seater stadium is valued at in its accounts and could see up to 700 homes developed.
West Ham United vice-chairman Karren Brady said: “We opted to reach an agreement with Galliard because they are a local London developer and employer with origins in east London.
“We know they are committed to working closely with the local community and Newham Council on proposals to transform the site into a residential and retail village, which will benefit the local community and east London’s regional economy.
“The deal demonstrates that we have been true to our word by securing the regeneration of two areas of east London through our move to the Olympic Stadium in 2016.”
Galliard Group chairman and chief executive Stephen Conway said: ”Working closely with West Ham and Newham Council, Galliard now plan to undertake extensive consultation with local residents and businesses and the West Ham United Supporter Advisory Board in order to create a future for the site, which is respectful of the cultural and economic diversity of the local area.”