Property developer Related Argent has formed a joint venture to construct the third development of build-to-rent homes at Brent Cross Town in London.
The joint venture with NTT UD Europe Limited, a subsidiary of the Japanese telecommunications firm NTT Group, will deliver over £200m of Gross Development Value (GDV) and marks NTT UD’s largest residential investment in the UK to date.
The project includes 226 new build-to-rent homes, to form part of the £8bn mixed-use park town. This will be the third BtR development at Brent Cross Town, bringing the total rental portfolio to around 760 homes to date.
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.
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 BtR development at Brent Cross Town.
“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.”
Tadashi Ito, managing director of NTT UD Europe Limited, added: “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.”