Galliford Try has won an £87m contract to deliver 286 rental homes as part of a mammoth regeneration scheme in north London.
The homes will form part of Brent Cross Town, an £8bn mixed-use precinct covering 180 acres. The three new blocks, which contain a mix of market rent and discount market rent homes, will also include 1,600 sq m of retail and service space, including a leisure center with swimming pool.
The company was already awarded a £75m contract in March to build 249 homes, a cinema and a community center for the project. In a July update, the project team reported that the building’s first floor was nearing completion.
Galliford Try chief executive Bill Hocking said: “We are delighted to once again be working with Related Argent on one of London’s leading build-to-let schemes.
“Our business has a strong track record of producing high quality residential developments, and the sector remains a key focus for our construction business within our sustainable growth strategy.”
Brent Cross Town is being developed by a joint venture between Barnet Council and Related Argent, the developer also behind the £600m Heart of Hale residential scheme. The new appointment of the contractor means that six of the project’s buildings are now under construction.
The full development will create 6,700 new homes, 50 retail locations, office space for 25,000 workers, new buildings for three schools and 50 acres of parks and playing fields. A joint venture between Audley Group and Senior Living Investment Partners (Octopus Real Estate and Pension Investment Corporation) will provide 150 homes as part of a retirement village.
An L-shaped building with 662 student rooms was being built by Henry Construction for Fusion Students, which went into administration in June. Ireland-based JJ Rhatigan has taken over the project.
Other contractors on the project include site preparation contractor Galldris Group, as well as Midgard, which is building 120 homes in a 9- to 12-storey building.
Brent Cross Town is aiming to be net zero by 2030. Off-site manufacturing will be used during construction to limit construction waste and embodied carbon. The new building will be supplied with low-carbon heating and cooling from an electric district heating and cooling network, delivered in partnership with European energy company Vattenfall.
The funding was part of a joint venture between Related Argent and Invesco Real Estate to deliver £600m of housing and retail by 2025, including 800 homes. LaSalle Investment also provided £97 million of debt financing for the new building.
Tom Goodall, managing director of Related Argent, said: “Our joint venture with Invesco Real Estate in Brent Cross Town and funding from LaSalle Investment Management is helping to fill a growing gap in the market and address growing rental demand high quality of the city. properties in vibrant locations.”
