The final — and most impressive — phase of the makeover, QN7, is now under way opposite the club's Emirates Stadium and includes premiership homes at distinctly five-a-side prices.
The Newlon Housing Trust will launch 173 new shared-ownership homes in Queensland Road, N7, in December. To register interest, visit qn7.co.uk. Already, despite no advertising — apart from hoardings around the site — there have been 1,300 inquiries. Little wonder, since a 30 per cent share of a well-located one-bedroom flat with a full market value of £250,000 will cost only £75,000, while a 30 per cent slice of a two-bedroom flat with a full price of £340,000 will cost £102,000.
Priority will be given to people who already work in Islington and the first homes will be ready to move into in April 2013. Newlon's scheme, which also includes 179 rental homes, will be fully completed later next year.
Meanwhile, house builder Barratt is committed to a £128 million private development of 375 flats, including some top-end penthouses, also in Queensland Road, which should be completed in 2015. The regeneration has been made possible because of a deal struck with Arsenal Football Club when it built the show-stopping new Emirates Stadium. When it is all complete, some 3,000 new homes will have been built on a string of sites, stretching from Highbury in the east to Caledonian Road in the west, and including the redevelopment of the club's iconic former Highbury stadium.
QN7 is a key part of the programme designed by leading architects CZWG as a series of blocks with a sinuously meandering façade. Some of the flats have private balconies or terraces.
There will be a new sports centre and play area for residents as well as a district heating system, which should mean lower fuel bills.
Obviously, there are pros and cons to living beside a football stadium with a 60,000-plus capacity, in terms of match-day noise and disruption (the stadium is also used for concerts).
But Qammer Hussain, head of property sales and marketing at the Newlon Housing Trust, says high building standards mean that residents of other new homes adjacent to the stadium have made no complaints about football supporters or gig-goers disturbing their peace.
"This area has really been improved over the last few years," she says. "Highbury has lots of cafés and restaurants and you are very close to Upper Street in Islington, which has got so many bars, shops and restaurants."
In truth, Highbury itself has a way to go before it rivals Islington, but there are some great delis and independent shops around Highbury Barn and some good local restaurants at Highbury Park.
Transport links are also excellent. The development is a five-minute walk from Holloway Road Tube station, which is in Zone 2 and only two stops on the Piccadilly line from King's Cross. And since the 30 acres of Highbury Fields are nearby, Queensland Road also passes the leafiness test.