Development is part of 7,000-home scheme
Galliford Try has been appointed as one of two contractors to build 356 homes in Brent Cross, north London
Developer Related Argent and real estate global investment manager Invesco Real Estate have appointed Galliford Try along with Midgard to build the north London properties, which will be built-to-rent (BtR) and for market sale.
The development is part of the £8bn, 7,000-home Brent Cross Town scheme, which is being delivered in partnership between Related Argent and Brent Council.
Related Argent, which said last month it was launching an inhouse build-to-rent scheme, is in a joint venture with Invesco since the end of last year to deliver £600m of Gross Development Value including 800 homes as well as retail by 2025.
Galliford Try, which announced earlier this month it will start bidding for social housing contracts, is to build the 249 new BtR homes with residents’ amenities across three new blocks. Investment company ICG Real Estate has provided the debt funding facility to the joint venture.
Midgard, part of the JRL group, will construct the 107 market sale homes. Barclays Bank will provide the debt funding facility for this joint venture. Midgard is already on the site building 170 market sale homes for the joint venture and 120 new affordable properties in partnership with Related Argent, Barnet Council and L&Q.
Five of the Brent Cross Town buildings are already under construction and should start completing from the end of next year.
There will be close to 650 affordable, market sale and BtR homes on-site with 662 student rooms built in partnership with Fusion Students. Sheffield Hallam University will also open its first campus outside Yorkshire on the site. A new station, Brent Cross West, is expected to open this autumn in the town.
Invesco Real Estate is acting on behalf of a US separate account client. The architect for the BtR building is Squire & Partners and Conran and Partners is designing the interiors.
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