Related Argent and joint venture partner Invesco Real Estate have appointed the main contractor and secured the debt finance for the development of Brent Cross Town’s second Build-to-Rent (BTR) building, enabling construction of 286 new homes. Galliford Try will deliver the homes and over 1,579m2 of amenity and retail space, while c. €111.7m debt financing is provided by LaSalle Investment Management, further building on the significant momentum at c. €9.2b net-zero park town in London.
Brent Cross Town is committed to sustainable development, with a new building financed through a Green Loan structure. It features low carbon heating and cooling supplied by an electric district network in collaboration with Vattenfall. The building aims to minimize construction waste and embodied carbon through efficient off-site manufacturing and deliver a net gain in biodiversity. Brent Cross Town plans to reach net-zero by 2030 and will have 6,700 new homes, schools, offices, and a high street surrounded by parks and fields. It will be connected to King's Cross St Pancras in 12 minutes by the upcoming Brent Cross West station.
The Brent Cross Town development is committed to reaching net-zero by 2030 and already has six buildings under construction. Over 930 homes, including affordable, market sale, and BTR homes, are on-site along with 662 student rooms in partnership with Fusion Students. Additionally, Sheffield Hallam University will open its first satellite campus outside of Yorkshire, and a joint venture between Audley Group and Senior Living Investment Partners will create a retirement village with around 150 homes.
The development is being delivered in partnership between Related Argent and Barnet Council and will create a total of 6,700 new homes, c. 278,709m2 of offices, a high street and schools surrounded by c. 202,343m2 of parks and playing fields. Brent Cross West station will be the first major new mainline station in London in more than a decade when it opens later this year, connecting with King’s Cross St Pancras in as little as 12 minutes.
Galliford Try, one of the UK’s leading construction groups, is delivering the first BTR building at Brent Cross Town, and its appointment to deliver the second BTR building comprising 286 homes will bring the total number of BTR homes under construction to 535. All will be developed and managed by Related Argent, which has just opened a brand-new premium rental development, Author King's Cross on the King’s Cross estate. The 286 new homes are designed by Allies & Morrison, with interiors by Conran and Partners, and range from studio to three-bedroom apartments, with block amenities shared with the first BTR building at Brent Cross Town.
Tom Goodall, Managing Director of Related Argent, said: “There is strong momentum behind our BTR portfolio with our first rental homes now completed at Author King’s Cross and over 1,000 BTR homes under construction. Our joint venture with Invesco Real Estate at Brent Cross Town and the financing from LaSalle Investment Management is helping meet an increasing gap in the market and addressing the city's growing demand for high-quality rental properties in vibrant places.”
John German, Managing Director, Residential Investments at Invesco Real Estate, said: “We are delighted that the Project Team achieved this key milestone which now allows the project to move forward into the delivery stage to enable these assets to be delivered into our investor’s existing BTR Portfolio of just under 1,100 units.”
Robert Fay, Director, Debt Investments at LaSalle Investment Management added: “The living sector is one of LaSalle's highest convictions across our European lending and equity strategies. This financing is LaSalle’s 26th development loan made since 2012 and builds on our development lending track record, providing flexible, sustainable loans to high-quality sponsors."
Bill Hocking, Chief Executive of Galliford Try, said: “Our business has a strong track record in producing high-quality residential developments with the sector remaining a key focus for our Building business within our Sustainable Growth Strategy.”
Councillor Ross Houston, Deputy Leader of Barnet Council and Cabinet Member for Homes and Regeneration, said: “Barnet’s new park town has been carefully designed to meet the needs of our residents now and in the future with a range of options including social housing, private sale homes, student accommodation and homes built to rent. I welcome the progress being made on Brent Cross Town’s first new homes that are being built specifically with Barnet renters in mind.”
Image provided by Lawrie Cornish.
