Blog

Related Argent and global eastern real estate investment manager Invesco Real Estate announced two contractor appointments and financing that will enable the construction of more than 350 built-for-rent and for-sale homes on the market in Brent Cross Town.

Galliford Try and Midgard, with financing from ICG Real Estate and Barclays Bank, will deliver the houses, continuing the rapid growth of one of the UK’s largest net-zero cities.

Brent Cross Town now has five buildings underway for completion by the end of 2024, delivering close to 650 affordable, on-market and BTR homes along with 662 student rooms in partnership with Fusion Students.

The £8bn development, delivered in partnership between Related Argent and Barnet Council, will create almost 7,000 new houses, 3m square feet of offices, a main street and schools surrounded by 50 acres of parks and playing fields, including the new 4.5 acre Claremont Park completed last year. Brent Cross Town will also benefit from a new railway station which is expected to open in Autumn 2023 and will connect 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 late last year to deliver £600m of GDV, including 800 homes and retail by 2025.

Galliford Try has been appointed by the joint venture to deliver 249 new BTR homes with resident amenities in three new blocks, with ICG Real Estate providing the debt financing to the joint venture.

BTR’s new offering in Brent Cross Town forms an important part of Related Argent’s portfolio of over 3,000 rental properties alongside King’s Cross and Tottenham Hale. Its first BTR development, Author King’s Cross, is due for completion in summer 2023. Related Argent has plans to expand its rental portfolio beyond 3,000 homes.

Midgard, part of the JRL group, has been designated to build the for-market residential building, The Ashbee, featuring 107 new homes, with debt financing provided by Barclays Bank.

Tom Goodall, Partner at Related Argent and Head of Residential, said: “The start of construction on the new BTR homes and additional homes for sale on the market adds to the momentum behind Brent Cross Town, creating a thriving new community of residents. Related Argent focuses on delivering vibrant, well-connected places, not just buildings. Our sales launch for the first houses for sale on the market here was one of the most successful launches in London last year and we anticipate high rental demand for new BTR houses.”

John German, Managing Director of Residential Investments at Invesco Real Estate, said: “We are delighted to be working with Midgard on two more residential projects, having recently completed a further two projects that have 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 of ICG Real Estate, commented: “We are excited to support Related Argent and Invesco Real Estate on this scheme within the Brent Cross Town neighborhood. 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 the joint venture and supporting the delivery of an enhanced offering for London residents.”

Bill Hocking, CEO of Galliford Try, said: “Private rental and the broader residential sectors are an integral part of our sustainable growth strategy, especially when we have the opportunity to work with respected regulars such as 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, Midgard’s managing director, added: “JRL Group is delighted to continue our working relationship with Related Argent and Invesco Real Estate in Brent Cross Town.”