Related Argent and Invesco Real Estate, the global real estate investment manager acting on behalf of a US separate account client, have announced two contractor appointments and finance enabling over 350 build-to-rent (BtR) and market sale homes to be built.
With financing from ICG Real Estate and Barclays Bank, Galliford Try and Midgard 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 by the end of 2024. 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 open its first campus outside Yorkshire at Brent Cross Town.
The £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 sq ft 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 £600m of Gross Development Value, including 800 homes and 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 significant 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 the Summer of 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 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 of the joint venture.
Midgard is already on site delivering the market sale building, The Delamarre, featuring 170 homes for the joint venture. Midgard also constructs 120 new affordable homes in partnership with Related Argent, Barnet Council and L&Q.
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