The joint venture between Related Argent and global real estate investment manager, acting on behalf of a US separate account client, Invesco Real Estate, announce two contractor appointments and finance to enable Build to Rent and market sale homes to be built at the £8bn Brent Cross Town development.
Both Galliford Try and Midgard – with financing from ICG Real Estate and Barclays Bank – will deliver the new homes, continuing the rapid growth of one of the UK’s largest net zero towns. ICG Real Estate has provided the debt funding facility for the Build to Rent scheme, and Barclays Bank provided the debt funding facility for the market-sale residential building, The Ashbee.
“We are excited to support Related Argent and Invesco Real Estate in their development of a 249-unit Build to Rent scheme within the Brent Cross Town neighbourhood. ICG Real Estate is committed to funding best in class accommodation within visionary mixed-use developments across the UK, and this is a perfect example of such a scheme. We look forward to continuing to build our relationship with Related Argent and Invesco Real Estate and supporting the delivery of an improved offering for residents in London.”Jai Patel, Managing Director, ICG Real Estate
Adding to the growing momentum, construction at Brent Cross Town has started, with five buildings underway which will be completed from the end of 2024. Galliford Try has been appointed to deliver 249 new Build to Rent homes with amenities across three blocks.
The architect for the Build to Rent building is Squire & Partners, and Conran and Partners is designing the interiors for the homes.
“We are delighted to be collaborating with Galliford Try for the first time and look forward to the successful completion of the buildings, which will add to our growing UK Build to Rent portfolio.”John German, Managing Director, Residential Investments, Invesco Real Estate
The Brent Cross Town development is being delivered in a partnership between Related Argent and Barnet Council. It will create nearly 7,000 new homes, three million sq ft of offices, a high street and schools. The development will be surrounded by 50 acres of parks and playing fields including the new 4.5 acres Claremont Park which completed last year.
“The start of construction on the new Build to Rent homes and additional market sale homes adds to the momentum behind Brent Cross Town, creating a thriving new community of residents. Related Argent focuses on delivering vibrant and well-connected places not just buildings. Our sales launch for the first market sale homes at Brent Cross Town was one of the most successful launches in London last year and we anticipate high rental demand for the new Build to Rent homes.”Tom Goodall, Partner and Head of Residential, Related Argent
In total, nearly 650 Build to Rent, affordable and market sale homes are on-site along, with 662 student rooms in partnership with Fusion Students.
Brent Cross Town will also benefit from a new train station, Brent Cross West which is expected to open in Autumn 2023 and connects the area to King’s Cross in 12 minutes.
“The private rental and wider residential sectors are an integral part of our Sustainable Growth Strategy, particularly when we have the opportunity to work with respected repeat clients like Related Argent and Invesco Real Estate. We look forward to continuing our collaboration with them and all the stakeholders involved to produce more high-quality homes for the local community.”Bill Hocking, Chief Executive, Galliford Try
The new Build to Rent offering at Brent Cross Town forms a major part of Related Argent’s portfolio of over 3,000 rental homes alongside King’s Cross and Tottenham Hale. The first Build to Rent development, Author King’s Cross will be completed in Summer 2023.
Related Argent also has plans to expand its rental portfolio beyond the 3,000 homes. The company also recently announced it will recruit over 50 staff to support its new London Build to Rent portfolio.