Privately-owned property and urban regeneration businesses in the UK – Related Argent – has formed a joint venture with NTT UD Europe Limited, a subsidiary of leading Japanese telecommunications company, NTT Group, to deliver its latest phase and third Build to Rent development at Brent Cross Town. Construction is expected to start in Q4 2024.
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.
The joint venture will deliver 226 new Build to Rent homes across three blocks located in the heart of the 180-acre, £8bn park town being delivered in a partnership between Related Argent and Barnet Council. Homes will span either side of the new high street.
“We believe that our investment in the Brent Cross Town development will not only positively impact the local area but also bolster the London Build to Rent 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.”
Tadashi Ito, Managing Director, NTT UD Europe Limited
Amenities – which will be shared across the two adjacent Build to Rent buildings – include roof top terraces, private dining spaces, work from home spaces, bookable BBQ areas, podium gardens, guest suites, screening room, and a wellness hub which includes a large gym, individual fitness studios, 25m pool, sauna and jacuzzi. The development will also provide almost 6,500 sq ft of new retail space.
Designed by dRMM Architects, the new Build to Rent development is in a prime location and looks out onto Brent Cross Town’s first permanent park – Claremont Park. Residents will benefit from being a three-minute walk away from Brent Cross West rail station, which connects to St Pancras International in central London in 12 minutes.
The new development will also sit opposite the c.150 later living homes by Audley Group’s Mayfield Villages in partnership with Senior Living Investment Partners (SLIP).
“We are delighted to partner with NTT Group, one of the world’s leading telecommunications companies, to deliver our third major Build to Rent development at Brent Cross Town. The joint venture 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.”
Tom Goodall, Chief Executive, Related Argent
This joint venture represents NTT UD Europe Limited’s largest UK investment to date. It 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 carbon park town.
Related Argent’s partnership with NTT Group adds to progress being made at Brent Cross Town. In total so far, over 930 homes, including affordable, market sale and Build to Rent homes are currently on-site, along with 662 student rooms in partnership with Fusion Students. The first residents are expected to move in this summer.
The first two Build to Rent developments at Brent Cross Town are also already underway. The first building topped out earlier this year and construction on the second building started in Q4 2023. This third development will bring the total Build to Rent portfolio to around 760 homes.
“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.”
Jace Tyrrell, Chief Executive, Opportunity London
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 developer, owner and operator with a c.£13bn, 21 million sq ft portfolio, with a track record of delivering global exemplars of city-building. The company 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 eight 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 Build to Rent development at Brent Cross Town builds on the success of the company’s first scheme – Author King’s Cross – which welcomed its first residents in Autumn 2023 and is now over 75% let. Related Argent also began works at their Tottenham Hale Build to Rent scheme in Q4 2023.
