UK: Developer Related Argent has formed a joint venture with NTT UD Europe Limited, the real estate subsidiary of Japanese telecommunications company NTT Group, to deliver its third BTR development at Brent Cross Town.
Construction is expected to start in Q4 2024. The JV will deliver 226 BTR homes across three blocks located in the 180-acre, £8 billion ‘park town’ being delivered in a partnership between Related Argent and Barnet Council. Homes will span either side of the new high street.
Amenities, which will be shared across two adjacent BTR 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, pool, sauna and jacuzzi. The development will also provide almost 6,500 square feet of new retail space.
Designed by dRMM Architects, the BTR development will look 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 later living homes by Audley Group’s Mayfield Villages in partnership with Senior Living Investment Partners (SLIP).
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 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.”
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 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.”
The joint venture represents NTT UD Europe Limited’s largest UK investment to date. In May this year it formed an £80 million JV with Amro Partners to develop The Rex co-living project in Kingston, south-west London.
