Related Argent and Invesco Real Estate are pushing ahead with the construction of 350 BTR and market sale homes at Brent Cross Town.
Galliford Try and Midgard, with financing from ICG Real Estate and Barclays Bank, will deliver the new homes at the site where five buildings are already underway, with completion from the end of 2024.
Galliford Try has been appointed to deliver 249 new BTR homes with residents’ amenities across three new blocks, with ICG Real Estate providing the debt funding facility.
Midgard, part of the JRL group, has been appointed to build the market sale residential building, The Ashbee, featuring 107 new homes. Barclays Bank provided the debt funding facility for the building.
The new contractor appointments and financing are part of the joint venture formed by Related Argent and Invesco Real Estate at the end of last year to deliver £600m of GDV including 800 homes as well as retail by 2025.
Tom Goodall, Related Argent partner and head of residential, said: “The start of construction on the new BTR homes and additional market sale homes adds to the momentum behind Brent Cross Town, creating a thriving new community of residents. Related Argent focuses on delivering vibrant and well-connected places not just buildings. Our sales launch for the first market sale homes at Brent Cross Town was one of the most successful launches in London last year and we anticipate high rental demand for the new BTR homes.”
John German, managing director, residential investments at Invesco Real Estate, added: “We are delighted to be working with Midgard on two more residential projects, having recently completed on two further projects in London which 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 at ICG Real Estate, said: “We are excited to support Related Argent and Invesco Real Estate in their development of a 249-unit build-to-rent scheme within the Brent Cross Town neighbourhood. 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 Related Argent and Invesco Real Estate and supporting the delivery of an improved offering for residents in London.”
Bill Hocking, chief executive of Galliford Try, said: The private rental and wider residential sectors are an integral part of our sustainable growth strategy, particularly when we have the opportunity to work with respected repeat clients like 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, managing director of Midgard, added: “JRL Group are delighted to continue our working relationship with Related Argent and Invesco Real Estate at Brent Cross Town.”
The architect for the BTR building and The Ashbee is Squire & Partners. Conran and Partners is designing the interiors for the new BTR homes and Woods Bagot is designing the interiors for The Ashbee.
