Related Argent has agreed to a £243m loan with ICG Real Estate for the delivery of a landmark Build-to-Rent (BtR) scheme in Tottenham Hale, London N17, featuring 484 new rental homes. 

This is the second and final phase of the 3.5-acre Heart of Hale regeneration scheme which is owned, developed and managed by Related Argent. The £600M project comprises 1,032 new homes, including market sale, on-site affordable and BtR housing across seven buildings. The residences are being delivered alongside new public spaces and squares, leisure and retail facilities. 417 homes across three buildings have already been delivered and the first residents moved in July 2022.

The second phase comprises 1 Ferry Island, a 12-storey residential tower with 108 homes, and 2 Ferry Island, featuring 376 homes across two towers rising to 38 storeys, both designed by architectural practice Allford Hall Monaghan Morris (AHMN). The development is being constructed by Midgard. Final completion of the two buildings is anticipated for Q4 2026.  

1 and 2 Ferry Island will have a range of shared premium lifestyle amenities including the Island Club, which offers a gym, residents’ lounge, cinema/screening room and games room, studios, co-working space, meeting rooms, kitchen garden and sky garden.

Residents will also benefit from lots of outside living space provided by balconies and three communal residents’ roof terraces/gardens located across the two buildings.

Related Argent’s BtR portfolio draws on the established record of Related Companies, which has over 71,000 homes across the USA. Known for its outstanding customer service, Related Companies has decades of proven experience in the sector. Related Argent’s BtR offering is led by Tom Goodall, Managing Director of Related Argent, together with Michael Herrington, Director of Build-to-Rent Operations. Michael brings over 20 years’ of BtR and residential operations experience including Senior Vice President of Related Rentals where he has overseen the successful operations management of thousands of rental homes across New York City, Boston and Chicago.

The scheme, in partnership with Haringey Council, will also feature a major new pedestrianised civic space at the heart of the Tottenham Hale masterplan with Related Argent bringing together a rich programme of public art, events and activities creating a vibrant new destination for the local area. Retail and commercial spaces will also line the main square including shops, cafes, leisure and offices.

The Related Argent and Haringey Council partnership is also delivering 131 affordable homes in the Welbourne building together with a new NHS health centre for the local community. Phase one of the residential scheme also saw Tottenham Hale railway and underground stations receive a £30 million upgrade alongside a new Tottenham Hale Bus Station.

Tom Goodall, Managing Director of Related Argent commented: “The last year has seen successful delivery across our residential portfolio with 635 homes completed including the imminent opening of Author King’s Cross, our first BtR offer at King’s Cross, and over 1,200 new homes currently under construction. The capitalisation and start of major construction at 1 and 2 Ferry Island are important milestones to complete the Heart of Hale development, creating a new community and a destination for Tottenham Hale. Heart of Hale is evolving into what we believe is one of the most vibrant and best connected places to live in North London.”

Jai Patel, Managing Director of ICG Real Estate added: “Living remains one of ICG Real Estate’s long-held high conviction sectors for both our debt and equity strategies. This substantial development loan reflects our ambitions in this sector and enables the delivery of 484 much-needed new homes in the U.K. capital, alongside new public realm, leisure and retail amenities for the local community. This project forms part of a wider regeneration project in this part of North London and underlines our commitment to funding high-quality accommodation within visionary mixed-use developments. It also allows us to extend our relationship with Related Argent, demonstrating our appetite to provide both large & flexible financing solutions to best-in-class sponsors across the UK and Europe.”

Kevin Keegan, Managing Director of Midgard said: “We are delighted that Related Argent has entrusted us with constructing the final phase of the Heart of Hale scheme. These are buildings of exceptional architectural quality and we look forward to delivering this new London landmark.”

The new BtR offering at Heart of Hale forms the next phase delivery of Related Argent’s portfolio of over 3,000 rental homes alongside Brent Cross Town and King’s Cross. The first BtR development, Author King’s Cross, is now built complete with the first residents scheduled to move in from October 2023. Related Argent plans to expand its rental portfolio beyond the initial 3,000 homes within its large-scale regeneration projects and a range of smaller sites.

See more images and details on the 1 Ferry Island building profile.

Image: CGI of the view towards wetlands from the roof terrace at 1 Ferry Island.