Related Argent, one of the largest privately-owned property and urban regeneration businesses in the UK, has today announced it has formed a joint venture with NTT UD Europe Limited, a subsidiary of leading Japanese telecommunications company, NTT Group, to deliver the third Build-to-Rent (BtR) development at Brent Cross Town.
The joint venture, which represents NTT UD Europe Limited’s largest UK investment to date, will bring forward a further 226 new rental homes across three blocks located in the heart of the 180-acre, £8bn park town being delivered in partnership by Related Argent and Barnet Council.
The joint venture also marks continued investment momentum at Brent Cross Town, one of Europe’s largest regeneration projects. Over the next 20 years, Brent Cross Town is creating 6,700 new homes, student housing and homes for later living, alongside workspace for 25,000 workers, a high street, schools and 50 acres of parks and playing fields as part of a net zero park town.
Tadashi Ito, Managing Director of NTT UD Europe Limited, said: “We believe that our investment in the Brent Cross Town development will not only positively impact the local area but also bolster the London BtR market, demonstrating our confidence in the UK market. Working with a partner like Related Argent, who possess extensive experience both nationally and internationally, represents a significant step for us, and we look forward to this joint venture partnership with them.”
Tom Goodall, Chief Executive of Related Argent, said: “We are delighted to partner with NTT Group, one of the world’s leading telecommunications companies, to deliver our third major BtR development at Brent Cross Town. The JV demonstrates our commitment and ability to partner with world-leading global capital which shares our social value and sustainability goals.
“Bringing forward these new rental homes demonstrates the significant momentum at Brent Cross Town, where seven plots are now under construction, London’s first new rail station in over a decade is open and the first residents are set to move in this summer. It is truly becoming a flourishing net zero park town for London.”
The new BtR development, designed by dRMM Architects, will have a prime location looking out onto the town’s first permanent park, Claremont Park. It will also sit directly opposite the c. 150 later living homes by Audley Group’s Mayfield Villages in partnership with Senior Living Investment Partners (SLIP). The homes will span either side of the new high street and construction is expected to start in Q4 2024.
The first two BtR developments are already underway at Brent Cross Town and this third BtR development will bring the total BtR portfolio to around 760 homes.
Alongside 226 rental homes, the development will offer almost 6,500 sq ft of new retail space and a host of amenities to provide residents with an excellent rental experience. Amenities shared with the two adjacent BtR buildings comprise a wellness hub, including a large gym, individual fitness studios, 25m pool, sauna and jacuzzi, work from home spaces, private dining spaces, roof top terraces, bookable BBQ areas, podium gardens, guest suites and a screening room. Brent Cross West rail station will be a three-minute walk away and connects with St Pancras International in central London in as little as 12 minutes.
The partnership with NTT Group adds to the considerable progress being made at Brent Cross Town. In total, over 930 homes, including affordable, market sale and BtR homes are currently on-site, along with 662 student rooms in partnership with Fusion Students. The first residents are expected to move into Brent Cross Town this summer.
Jace Tyrrell, Chief Executive of Opportunity London, said: “London consistently remains the most attractive city in the world for investment as the joint venture with NTT Group at Brent Cross Town, one of Europe’s flagship mixed-use schemes, attests. London attracted over £11bn in real estate investment in 2023 alone. This partnership will deliver hundreds of new rental homes in a flourishing, well-connected north London park-side location and bolsters Brent Cross Town’s reputation as an exemplar in neighbour renewal.”
GreenPlace Partners (GPP) are acting as advisor to NTT UD Europe Ltd. Oli Rifkind, recently promoted to Executive Director at Related Argent, has led for the company on the creation of the joint venture.
NTT UD Europe Limited is a wholly owned subsidiary of NTT Urban Development Corporation in Japan, which is owned by Nippon Telegraph and Telephone Corporation, one of the world’s leading telecommunications companies.
Related Argent is a complete developer, owner and operator with a c. £13bn, 21 million sq ft portfolio and an unrivalled track record of delivering global exemplars of city-building. It creates and manages a diverse portfolio across workspace, residential, education, retail, hospitality, leisure and public realm with schemes ranging from c. 270,000 sq ft to 8 million sq ft.
As part of this, Related Argent has a developing portfolio of over 3,000 rental homes across King’s Cross, Brent Cross Town and Tottenham Hale and is looking to expand its rental portfolio beyond this in the future. This third BtR development at Brent Cross Town builds on the success of the company’s first BtR development, Author King’s Cross, which opened to residents in Autumn 2023 and is now more than 75% let.