Related Argent has formed a joint venture with NTT UD Europe, a subsidiary of Japanese telecommunications company, NTT Group, to deliver the third build-to-rent development at Brent Cross Town, NW2.
The joint venture, which is NTT UD Europe’s largest UK investment to date, will bring forward a further 226 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.
NTT UD Europe made its UK debut in May 2023, signing a joint venture agreement with Amro Partners to finance an £80m co-living development in Kingston, Surrey.
Tadashi Ito, managing director at NTT UD Europe, 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 at Related Argent, added: “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 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 150 later living homes by Audley Group’s Mayfield Villages in partnership with Senior Living Investment Partners. 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 under way at Brent Cross Town and this third development will bring the total rented portfolio to around 760 homes.
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.
GreenPlace Partners is acting as adviser to NTT UD Europe.
Image courtesy of London Communications Agency
Send feedback to Samantha McClary
Follow Estates Gazette
