Argent Related has partnered with international investor, The Olayan Group to deliver the build-to-rent (BtR) development at the Triangle Site on York Way, part of the King’s Cross Estate.
As owner, operator and developer, Argent Related will be the Development, Asset and Property Manager for the Triangle BtR development. It’s the first partnership between the two companies in the UK and builds on Related’s and The Olayan Group’s long-term relationship in the US.
The new development, currently under construction, is set to complete in 2023 and will feature 218 rental homes across three buildings. It will be uniquely placed as the only BtR development within the 67-acre King’s Cross Estate.
The strength of the location and market-leading BtR offering, which draws on Related’s experience operating over 70,000 rental apartments across the US, has proven to be a compelling investment proposition. Argent Related has a pipeline of 3,000 rental homes across its three developments including King’s Cross, Brent Cross Town and Tottenham Hale.
Ken Wong, Co-Founder and CEO of Argent Related and COO of Related Companies, said: “We are pleased to extend our relationship with The Olayan Group into the UK and look forward to delivering one of the best BtR communities in London. Our decades of experience building thriving neighbourhoods in the U.S., including the Related Rentals platform, puts us in a strong position to not only enhance this area but also change what people expect when they rent a home in the UK.”
Jonathan Shelton, Managing Director, Head of Real Estate at Olayan Europe, said: “Continuing our long-term strategy of investing in high quality, ESG-led developments in exceptional locations around the world, we are delighted to be partnering with Argent Related on the Triangle site. The King’s Cross Estate sets a global benchmark for placemaking, and the addition of the Triangle Site as the only BtR scheme on the estate will deliver something new to this important part of London.”
Tom Goodall, Partner and Head of Residential for Argent Related, said: “With our track record in creating amazing places, and our rental experience across the US, BtR will be a significant arm of our business. This building will be the first in our UK BtR portfolio which will be providing Londoners with over 3,000 new rental homes across the capital over the next few years. We are expecting strong rental demand for what will be the only dedicated BtR offer at King’s Cross.”
Residents at the new King’s Cross BtR development will benefit from the well-designed one, two and three-bedroom homes created by a leading group of architects and interior designers including David Morley Architects, Feilden Clegg Bradley Studios, Haptic, Project Orange and Conran and Partners. The scheme will also include world-class services and a compelling mix of amenities such as a residential fitness centre, screening room, dining area, retail and a crèche.
King’s Cross is the best-connected area in the UK with six underground lines and two national mainline stations, plus European connections via High Speed 1. The wider Knowledge Quarter also brings together 100 academic, cultural, research, scientific and media organisations, all based in the local surrounding areas.
KCCLP, as the freehold owner of the Triangle Site, brings together pension fund AustralianSuper, clients of the international business of Federated Hermes and Argent investors.
The debt funding for Argent Related was provided by funds managed by Oaktree Capital Management, L.P. in 2021.