Related Argent and Invesco Real Estate have announced two contractor appointments and finance enabling over 350 build-to-rent (BtR) and market sale homes to be built. Galliford Try and Midgard, with financing from ICG Real Estate and Barclays Bank, will deliver the homes, continuing the rapid growth of one of the UK’s largest net zero towns.
The start of construction adds to the growing momentum at Brent Cross Town with five buildings underway which will be completed from the end of 2024. In total, close to 650 affordable, market sale and BtR homes are on-site along with 662 student rooms in partnership with Fusion Students. Sheffield Hallam University will also open its first campus outside Yorkshire at Brent Cross Town.
The €9.1bn (£8bn) Brent Cross Town development which is being delivered in partnership between Related Argent and Barnet Council will create nearly 7,000 new homes, 3 million ft² of offices, a high street and schools surrounded by 50 acres of parks and playing fields including the new 4.5 acres Claremont Park completed last year. Brent Cross Town will 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 new contractor appointments and financing are part of the joint venture between Related Argent and Invesco Real Estate formed at the end of last year to deliver €682m (£600m) of Gross Development Value including 800 homes as well as retail by 2025. Galliford Try, one of the UK’s leading construction groups, has been appointed by the Related Argent and Invesco Real Estate joint venture to deliver 249 new BtR homes with residents’ amenities across three new blocks. ICG Real Estate has provided the debt funding facility to the joint venture.
The new BtR 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. Its first BtR development, Author King’s Cross will be completed in Summer 2023. Related Argent has plans to expand its rental portfolio beyond the 3,000 homes. Alongside the new BtR homes, the Related Argent and Invesco Real Estate joint venture has also appointed constructor, Midgard, part of the JRL group, to build the market-sale residential building, The Ashbee, featuring 107 new homes. Barclays Bank provided the debt funding facility for the building to the joint venture. Midgard are already on site delivering the market sale building, The Delamarre, featuring 170 homes for the joint venture. Midgard is also constructing 120 new affordable homes in partnership with Related Argent, Barnet Council and L&Q.
Tom Goodall, Related Argent Partner and Head of Residential said: “The start of construction of on the new BtR 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 BtR homes.”
John German, Managing Director, Residential Investments at Invesco Real Estate, said: “We are delighted to be working with Midgard on two more residential projects, having recently completed on two further projects in London which added over 1,000 new homes to the London market. We are also 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 BtR portfolio.”
Jai Patel, Managing Director at ICG Real Estate: “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.”
Bill Hocking, Chief Executive of Galliford Try, said: "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.”
Kevin Keegan, Managing Director of Midgard, adds: “JRL Group are delighted to continue our working relationship with Related Argent and Invesco Real Estate at Brent Cross Town.”
