Related Argent has agreed a £243m loan with ICG Real Estate for the delivery of a landmark Build-to-Rent (BtR) scheme in Tottenham Hale, London featuring 484 new rental homes. ICG Real Estate provided the construction loan as part of its Real Estate Debt strategy.
The new BtR homes represent the second and final phase of the 3.5-acre Heart of Hale regeneration project which is owned, developed and managed by Related Argent. The total development, which is in excess of £600 million1, comprises of 1,032 new homes, including market sale, on-site affordable and BtR housing across seven buildings. The residential accommodation is being delivered alongside new public spaces and squares, leisure and retail facilities. 417 homes across three buildings have already been delivered with first residents moving in from July 2022.
Phase two comprises 1 Ferry Island, a 12-storey residential tower with 108 homes, and 2 Ferry Island, featuring 376 homes across two towers rising to 38-storeys, both designed by architectural practice Allford Hall Monaghan Morris (AHMN). The development is being constructed by Midgard. Final completion is anticipated for Q4 2026.
The new BtR apartment buildings, 1 and 2 Ferry Island, will have a range of shared premium lifestyle amenities including the Island Club, which offers a gym, residents’ lounge, cinema/screening room and games room, studios, co-working space, meeting rooms, kitchen garden and sky garden. Residents will also benefit from an abundance of outside living space provided by balconies and three communal residents’ roof terraces/gardens located across the two buildings.
Related Argent’s BtR portfolio draws on the established record of Related Companies, which has over 71,000 homes across the USA. Known for its outstanding customer service, Related Companies has decades of proven experience in the sector. Related Argent’s BtR offering is led by Tom Goodall, Managing Director of Related Argent, together with Michael Herrington, Director of Build-to-Rent Operations. Michael brings over 20 years’ of BtR and residential operations experience including Senior Vice President of Related Rentals where he has overseen the successful operations management of thousands of rental homes across New York City, Boston and Chicago.
The scheme, in partnership with Haringey Council, will also feature a major new pedestrianised civic space at the heart of the Tottenham Hale masterplan with Related Argent bringing together a rich programme of public art, events and activities creating a vibrant new destination for the local area. Retail and commercial spaces will also line the main square including shops, cafes, leisure and offices.
The Related Argent and Haringey Council partnership is also delivering 131 affordable homes in the Welbourne building together with a new NHS health centre for the local community. Phase one of the residential scheme also saw Tottenham Hale railway and underground stations receive a £30 million upgrade alongside a new Tottenham Hale Bus Station.
Tom Goodall, Managing Director of Related Argent, said:
Jai Patel, Managing Director, ICG Real Estate, said:
Kevin Keegan, Managing Director of Midgard, said:
The new BtR offering at Heart of Hale forms the next phase delivery of Related Argent’s portfolio of over 3,000 rental homes alongside Brent Cross Town and King’s Cross. The first BtR development, Author King’s Cross, is now build complete with the first residents scheduled to move in from October 2023. Related Argent plans to expand its rental portfolio beyond the initial 3,000 homes within its large-scale regeneration projects and a range of smaller sites.
For more information on Related Argent visit: www.argentllp.co.uk
For Heart of Hale visit: www.heartofhale.co.uk
1. Gross development value/GDV.
About Related Argent Limited
In 2015, Argent and Related joined forces to create an unrivalled UK property business and urban regeneration specialist. The company brings together the expertise and track record of Argent – the developer behind some of Britain’s most successful mixed-use places, and Related – one of the most innovative and prolific real estate companies in the US. The combined experience delivering ground breaking projects such as King’s Cross in London, Hudson Yards and Deutsche Bank Center in New York, Brindleyplace in Birmingham, The Square in West Palm Beach, Florida and The Grand LA in Los Angeles is brought to bear on each of the projects.
Related Argent operates across a range of property sectors including residential, workspace, education, shopping, hospitality and leisure. Its work goes beyond bricks and mortar development. It also specialises in the services, facilities and experiences that are so important to urban life – art, culture, events, schools, skills & training programmes and renewable energy networks.
Related Argent is one of the UK’s leading developer-owner-operators and, since its inception eight years ago, has rapidly grown a £9Bn+, 12m sq ft mixed-use development pipeline. This includes major regeneration projects in London, at Brent Cross Town and Tottenham Hale, as well as a Build-to-Rent (BtR) scheme at King’s Cross, known as ‘Author King’s Cross’. It’s accessing global capital markets to deliver major new projects across the UK and is seeking to expand its BtR housing portfolio. On 1 May 2024, Argent will transfer all employees, projects and assets to Related Argent Limited.
Related Argent’s vision is to be a great city builder – for people, planet, and prosperity and its purpose is to improve urban life for all, everyday. This means developing for the long term – astutely, sustainably and with a sense of social purpose. Related Argent is delivering the places, homes, workspace, public space, arts, culture, events and services that our UK cities and town centres need. www.argentllp.co.uk
ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 30 years’ history, managing $82.1bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.
We develop long-term relationships with our business partners to deliver value for shareholders, clients, and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.