Related Argent has formed a joint venture with Invesco Real Estate to deliver £600 million in Gross Development Value (“GDV”) at the £8 billion Brent Cross Town development. The project includes the first major phase of homes, retail, and leisure. It intends to build 800 market sale and Build-to-Rent (BtR) homes. This is as well as retail and dining space. Construction will begin in October 2022 and will be finished in 2025.
The Brent Cross Town development is being carried out in collaboration with Related Argent and Barnet Council. When completed, Brent Cross Town will be one of the UK’s largest net zero town centers. The investment in Brent Cross Town against a challenging global economic backdrop demonstrates the project’s strength. Furthermore, it shows the appeal of sustainable and vibrant mixed-use places.
The 180-acre development in North London includes 50 acres of parks and playing fields and 6,700 new homes. Additionally, it has 3 million square feet of office space, as well as retail, leisure, student housing, and schools. Brent Cross Town will benefit from the new Brent Cross West station which includes the London Underground. It will connect the area to Central London in 12 minutes and will complement the area’s existing strong transportation links.
The Brent Cross West Station and associated rail works are funded through a £418 million government grant agreement with the Department of Levelling Up Housing and Communities (DLUHC).
Read Also:Â Work begins on development of Bolton College of Medical Sciences in England
Brent Cross Town development’s green premium
The announcement of the joint venture with Invesco Real Estate comes on the heels of a successful residential sales launch earlier this year for the first 277 market sale homes at Brent Cross Town, with over 50% already sold. These homes enjoy views of the recently opened 4.5-acre Claremont Park. Thus, they demonstrate the green premium with increased demand for living near parks in the Capital.
The Related Argent and Invesco Real Estate joint venture has appointed Midgard as the project’s first contractor. Construction on the new homes and retail will begin later this month. Squire and Partners, Maccreanor Lavington, and Allies and Morrison designed the residential homes, with interiors by Woods Bagot and Conran and Partners.
Gillespies, a world-renowned landscape architect, designed the landscape master plan. The BtR homes will also benefit from Related’s experience managing over 80,000 rental homes in the United States. This includes the Related Rentals platform, which provides superior homes, amenities, and services.
The Brent Cross Town development is already well underway, with the first 120 affordable homes and 662 new student homes set to begin construction in collaboration with Fusion Students. In 2020, the scheme received a £148 million Homes England funding facility to deliver upfront public realm, such as new parks and infrastructure, which has aided in the delivery of new homes.
