Related Argent partners with Invesco for £600m first phase of Brent Cross Town

Related Argent has formed a joint venture with investment manager Invesco Real Estate for the first major phase of its Brent Cross Town development. The developer has attracted investment from Invesco, which is acting on behalf of a US client, to deliver £600m of gross development value on the £8bn site, comprising homes, retail and leisure. Plans include the development and sale of 800 build-to-rent homes, plus a retail and dining offering. Barnet Council partnered with Related Argent to deliver the overall scheme, which is due to begin construction in October. Once complete in 2025, the site will be one of the UK’s largest net-zero town centres. Midgard has been appointed as contractor on the first element of the project. Located in North London, the 180-acre development is planned to include 50-acres of parks and green space, 6,700 new homes and 3 m sq ft of offices. It also offers retail, leisure, student accommodation and schools. Once open, the town will be just a 12-minute commute to Central London from Brent Cross West station, which is being funded as part of a £418m government grant funding agreement with the Department of Levelling Up, Housing and Communities (DLUHC). The news follows the residential sales launch earlier this year for the first 277 market sale homes from the development, which has sold over 50% already. The homes have been designed by architects Squire and Partners, Maccreanor Lavington, and Allies and Morrison, with interiors by Woods Bagot, and Conran and Partners. The landscape masterplan was designed by landscape architects Gillespies. Construction at the development has already begun, with 120 affordable homes and 662 new student homes in partnership with Fusion Students the first to be developed. In 2020, the scheme secured a £148m Homes England funding facility to deliver upfront public realm, including new parks and infrastructure works. John German, managing director, residential investments, at Invesco Real Estate, said: “Our commitment to the UK multi-family sector, as well as our wider investment into European residential, remains strong. This milestone transaction means we have now invested circa £1.7bn into the UK market since 2014, of which circa £1bn is on behalf of our US separate account client.” In addition to the partnership, Related Argent has recently secured a debt funding facility with NatWest. For more information about investment in Brent click here>> To send feedback, e-mail chante.bohitige@eg.co.uk or tweet @bohitige Picture © BXS Limited Partnership