Developer and US investor push ahead with new build-to-rent blocks on London scheme
A London-based developer and a US investment firm are pushing ahead with an extra 286 build-to-rent (BTR) flats on a site in the capital after securing a £97m development loan.
Related Argent, in joint venture with Atlanta-based investment manger Invesco Real Estate, has chosen Galliford Try to deliver 286 BTR flats across three blocks at Brent Cross Town as part of a a 6,700-home regeneration scheme
The new BTR homes will include a mix of market rent and discount market rent as part of an £87m contract.
G15 landlord L&Q is also involved in the wider project with 120 affordable homes currently being built in a partnership with Related Argent and Barnet Council.
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The 180-acre scheme has been billed as one of Europe’s largest regeneration projects.
A £97m ‘green’ development loan has been provided by LaSalle Investment Management to fund the phase.
Galliford Try is already delivering the first BTR element on the site, which includes 249 homes.
Brent Cross Town will also include 50 acres of parks and playing fields, and three million square feet of offices. A new Thameslink station – Brent Cross West – is also due to open, which will connect to King’s Cross.
Ross Houston, deputy leader and cabinet member for homes and regeneration at Barnet Council, 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.”
Invesco Real Estate came on board with the project in October last year and is acting on behalf of an unnamed US separate account client.
Related Argent is a joint venture between US firm Related Companies and London developer Argent, best known for the regeneration of King’s Cross. The two firms are set to formally merge next year.
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