Related Argent has agreed a £243m loan with ICG Real Estate for the delivery of 484 new build-to-rent (BTR) homes at the developer’s Heart of Hale regeneration scheme in Tottenham Hale.
At 1 Ferry Island, a 12-storey residential tower with 108 homes will be delivered, while at 2 Ferry Island, 376 homes will be built across two towers rising to 38-storeys.
The towers have been designed by architectural practice Allford Hall Monaghan Morris (AHMN) and the development is being constructed by Midgard. Final completion is anticipated in Q4 2026.
The scheme will offer a range of 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.
Tom Goodall, managing director of Related Argent, said: “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 UK 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.”
