Related Argent has announced a joint venture with NTT UD Europe Limited, a subsidiary of Japan’s NTT Group, to deliver the next phase of its Build to Rent project at Brent Cross Town. Construction is set to begin in the fourth quarter of 2024.

Oli Rifkind, recently promoted to Executive Director at Related Argent, has led the company in forming this partnership, which will see 226 new rental homes built across three blocks in the 180-acre park town. This area is being developed in collaboration with Barnet Council and is valued at £8 billion.

“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,” said Tadashi Ito, Managing Director of NTT UD Europe Limited.

The development will include shared amenities such as rooftop terraces, private dining spaces, work-from-home areas, BBQ spots, podium gardens, guest suites, a screening room, and a wellness hub with a gym, fitness studios, a 25m pool, sauna, and jacuzzi. There will also be nearly 6,500 square feet of new retail space.

Designed by dRMM Architects, the Build to Rent homes will be located near Brent Cross West rail station, offering a 12-minute connection to St Pancras International. The development will face Claremont Park and will be adjacent to later living homes by Audley Group’s Mayfield Villages.

“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 momentum at Brent Cross Town, where seven plots are now under construction,” said Tom Goodall, Chief Executive of Related Argent.

This venture is NTT UD Europe Limited’s largest UK investment to date and aligns with Brent Cross Town’s ongoing development, which aims to create 6,700 new homes over the next 20 years, alongside workspace, schools, and parks.

The first two Build to Rent developments at Brent Cross Town are already underway, with the first building completed and the second starting in late 2023. This third project will increase the total rental portfolio to around 760 homes.

Jace Tyrrell, Chief Executive of Opportunity London, added, “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 neighbourhood renewal.”

Related Argent continues to develop its extensive portfolio, which includes over 3,000 rental homes across King’s Cross, Brent Cross Town, and Tottenham Hale, with plans for further expansion.