Related Argent expands BTR portfolio with £243million loan from ICG Real Estate

Related Argent has agreed a £243million loan with ICG Real Estate for the delivery of a landmark Build-to-Rent (BtR) scheme in Tottenham Hale, London.
The new 484 new BtR homes represent the second and final phase of the 3.5-acre Heart of Hale regeneration project which is owned, developed and managed by Related Argent. The total development comprises 1,032 new homes including market sale, on-site affordable and BtR housing across seven buildings. The residential accommodation is being delivered alongside new public spaces and squares, leisure and retail facilities with 417 homes across three buildings having already been delivered.
Phase two comprises 1 Ferry Island, a 12-storey residential tower with 108 homes, and 2 Ferry Island, featuring 376 homes across two towers rising to 38 storeys, both designed by architectural practice Allford Hall Monaghan Morris (AHMN) and being constructed by Midgard, with final completion expected in late 2026.
The new BtR apartment buildings will have a range of shared amenities including the Island Club, which offers a gym, residents’ lounge and cinema as well as studios, co-working space, meeting rooms, and a kitchen garden. Residents will also benefit from a significant amount of outside living space provided by balconies and three communal roof terraces/gardens.
The scheme, in partnership with Haringey Council, will also feature a major new pedestrianised civic space at the heart of the Tottenham Hale masterplan with Related Argent bringing together a programme of public art, events and activities to create a vibrant new destination for the local area. Retail and commercial spaces will also line the main square including shops, cafes, leisure and offices.
The Related Argent and Haringey Council partnership is also delivering 131 affordable homes in the Welbourne building together with a new NHS health centre for the local community. Phase one of the residential scheme also saw Tottenham Hale railway and underground stations receive a £30million upgrade alongside a new Tottenham Hale Bus Station.
Tom Goodall, managing director of Related Argent, said: “The last year has seen successful delivery across our residential portfolio with 635 homes completed including the imminent opening of Author King’s Cross, our first BtR offer at King’s Cross, and over 1,200 new homes currently under construction. The capitalisation and start of major construction at 1 and 2 Ferry Island are important milestones to complete the Heart of Hale development, creating a new community and a destination for Tottenham Hale. Heart of Hale is evolving into what we believe is one of the most vibrant and best-connected places to live in North London.”
Jai Patel, managing director of ICG Real Estate, said: “Living remains one of ICG Real Estate’s long-held high conviction sectors for both our debt and equity strategies. This substantial development loan reflects our ambitions in this sector and enables the delivery of 484 much-needed new homes in the capital, alongside new public realm, leisure and retail amenities for the local community.”
“This project forms part of a wider regeneration project in this part of North London and underlines our commitment to funding high-quality accommodation within visionary mixed-use developments. It also allows us to extend our relationship with Related Argent, demonstrating our appetite to provide both large and flexible financing solutions to best-in-class sponsors across the UK and Europe.”
Kevin Keegan, managing director of Midgard, said: “We are delighted that Related Argent has entrusted us with constructing the final phase of the Heart of Hale scheme. These are buildings of exceptional architectural quality and we look forward to delivering this new London landmark.”
The new BtR offering at Heart of Hale forms the next phase delivery of Related Argent’s portfolio of over 3,000 rental homes alongside Brent Cross Town and King’s Cross. Its first BtR development, Author King’s Cross, is now build complete with the first residents scheduled to move in from October 2023., with the company planning to expand its rental portfolio beyond the initial 3,000 homes within its large-scale regeneration projects and a range of smaller sites.
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