Related Argent has agreed a £243m loan with ICG for the delivery of a landmark Build to Rent scheme in Tottenham Hale. ICG Real Estate provided the construction loan as part of its Real Estate Debt strategy. The scheme represent the second and final phase of the 3.5-acre Heart of Hale regeneration project which is owned, developed and managed by Related Argent.
Delivering 484 new Build to Rent homes, phase two comprises 1 Ferry Island, a 12-storey tower with 108 homes, and 2 Ferry Island, which is set to deliver 376 homes across two towers rising to 38-storeys. Both schemes have been designed by architectural practice Allford Hall Monaghan Morris (AHMN) and is is being constructed by Midgard. Completion is anticipated for Q4 2026.
The residential accommodation is being delivered alongside new public spaces and squares, leisure and retail facilities. The total development – which is in excess of £600m – comprises of 1,032 new homes including Build to Rent, market sale and on-site affordable housing across seven buildings.
“The last year has seen successful delivery across our residential portfolio with 635 homes completed including the imminent opening of Author King’s Cross, our first Build to Rent offer at King’s Cross, and over 1,200 new homes currently under construction. The capitalisation and start of major construction at 1 and 2 Ferry Island are important milestones to complete the Heart of Hale development, creating a new community and a destination for Tottenham Hale. Heart of Hale is evolving into what we believe is one of the most vibrant and connected places to live in North London.”Tom Goodall, Managing Director (MD), Related Argent
The new Build to Rent apartment buildings at 1 and 2 Ferry Island will feature residential amenities including the Island Club, which offers a gym, residents’ lounge, cinema/screening room and games room, studios, co-working space, meeting rooms, kitchen garden and sky garden.
Residents will also benefit from an abundance of outside living space provided by balconies and three communal residents’ roof terraces/gardens located across the two buildings.
“Living remains one of ICG Real Estate’s long held high conviction sectors for both our debt and equity strategies. This substantial development loan reflects our ambitions in this sector and enables the delivery of 484 much needed new homes in the U.K. capital, alongside new public realm, leisure and retail amenities for the local community. This project forms part of a wider regeneration project in this part of North London and underlines our commitment to funding high quality accommodation within visionary mixed-use developments. It also allows us to extend our relationship with Related Argent, demonstrating our appetite to provide both large & flexible financing solutions to best in class sponsors across the UK and Europe.”Jai Patel, Managing Director (MD), ICG Real Estate
Related Argent’s scheme at Tottenham Hale, which is in partnership with Haringey Council, will also feature a major new pedestrianised civic space at the heart of the Tottenham Hale masterplan, with Related Argent bringing together a rich programme of public art, events and activities creating a vibrant new destination for the local area. The partnership is also delivering 131 affordable homes in the Welbourne building together with a new NHS health centre for the local community.
“We are delighted that Related Argent has entrusted us with constructing the final phase of the Heart of Hale scheme. These are buildings of exceptional architectural quality and we look forward to delivering this new London landmark.”Kevin Keegan, Managing Director (MD), Midgard
Phase one of the residential scheme also saw Tottenham Hale railway and underground stations receive a £30m upgrade alongside a new Tottenham Hale Bus Station. Retail and commercial spaces will also line the main square including shops, cafes, leisure, and offices.
Related Argent’s Build to Rent offering is led by Tom Goodall, Managing Director of Related Argent, together with Michael Herrington, Director of Build to Rent Operations.
The new Build to Rent developments at the Heart of Hale forms the next phase delivery of Related Argent’s portfolio of over 3,000 rental homes alongside Brent Cross Town and King’s Cross. Author King’s Cross is now complete with the first residents scheduled to move in from October 2023.