Related Argent and joint venture partner Invesco Real Estate have started work on Brent Cross Town's second Build-to-Rent BtR building. Funded by a £97m Green Loan from LaSalle Investment Management, the construction is a key phase in the £8 billion net zero Brent Cross Town development.

The building designed by Allies & Morrison (15 Water Street, Googluck Hope) will consist of 286 new homes along with significant retail and amenity space.

The apartments will range from studios to three-bedroom units, with interiors designed by Conran & Partners (Centre Point).

The amenities will be shared with the first BtR building at Brent Cross Town, including a large central lobby with a 24-hour concierge, a wellness hub, including a gym, fitness studios, 25-metre pool and sauna, work-from-home spaces, private dining spaces, rooftop terraces, podium gardens, guest suites and a cinema.

The loan aligns with the environmental targets of the project, including low-carbon heating and cooling solutions from the area's electric district network, in collaboration with energy company Vattenfall. These measures adhere to the Loan Market Association’s green loan criteria and aim for a net gain in biodiversity. The overall Brent Cross Town development is committed to reaching net zero by 2030.

Six buildings are now under construction in Brent Cross Town, with the first set for completion by late 2024. In total, over 930 homes, including affordable, market sale and BtR homes are on-site along with 662 student rooms in partnership with Fusion Students.

Galliford Try, one of the UK’s leading contractors, is already delivering the first BtR building at Brent Cross Town.

Its appointment by the Related Argent and Invesco Real Estate joint venture to deliver the second BtR building comprising 286 homes, a mix of market and discount market rent homes, will bring the total number of BtR homes under construction at Brent Cross Town to 535.

Brent Cross Town is being delivered in partnership between Related Argent and Barnet Council and will create a total of 6,700 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-acre Claremont Park which was completed last year.

The new town will benefit from the Brent Cross West station, which will offer a quick transit to King's Cross in just 12 minutes.

Educational and senior living facilities are also part of the masterplan. Sheffield Hallam University will open its first satellite campus outside of Yorkshire at Brent Cross Town, and a joint venture between Audley Group and Senior Living Investment Partners (Octopus Real Estate and Pension Investment Corporation) will create a retirement village with around 150 homes.

Tom Goodall, Managing Director of Related Argent, commented: “There is strong momentum behind our BtR portfolio with our first rental homes now completed at Author King’s Cross and over 1,000 BtR homes under construction. Our joint venture with Invesco Real Estate at Brent Cross Town and the financing from LaSalle Investment Management is helping meet an increasing gap in the market and addressing the city's growing demand for high-quality rental properties in vibrant places.”

John German, Managing Director, Residential Investments at Invesco Real Estate, added: “When Invesco and Related Argent closed our Joint Venture in October 2022, we only had one build contract and one loan in place. 12 months later, we now have secured all four build contracts and the necessary loan facilities to enable the project to move forward as we had planned. We are delighted that the Project Team achieved this key milestone which now allows the project to move forward into the delivery stage to enable these assets to be delivered into our investor’s existing BtR Portfolio of just under 1,100 units.”

Robert Fay, Director, Debt Investments at LaSalle Investment Management said: “We are very pleased to work with Related Argent and Invesco Real Estate to provide the debt financing for this project, which brings together market leaders in urban regeneration and best-in-class accommodation in a great location with strong transport links to Central London. The living sector is one of LaSalle's highest convictions across our European lending and equity strategies. This financing is LaSalle’s 26th development loan made since 2012 and builds on our development lending track record, providing flexible, sustainable loans to high-quality sponsors."

Bill Hocking, Chief Executive of Galliford Try, said: “We are delighted to be working once again with Related Argent on one of the most significant Build to Rent schemes in London. Our business has a strong track record in producing high-quality residential developments with the sector remaining a key focus for our Building business within our Sustainable Growth Strategy.”

Councillor Ross Houston, Deputy Leader of Barnet Council and Cabinet Member for Homes and Regeneration, 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.”

The 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. The first residents moved into its first BtR development, Author King’s Cross, in October 2023. Related Argent has plans to expand its rental portfolio beyond the 3,000 homes.

Back to Plot 14 Brent Cross Town development profile.