‘Landmark’ £600m Tottenham Hale residential development secures finance deal

Related Argent has agreed a £243m loan with ICG Real Estate for the delivery of a ‘landmark’ Build-to-Rent (BtR) scheme in Tottenham Hale, London featuring 484 new rental homes.

ICG Real Estate provided the construction loan as part of its Real Estate Debt strategy. The 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, which is in excess of £600m, 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. 417 homes across three buildings have 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). The development is being constructed by Midgard. Final completion is anticipated for Q4 2026.

The new BtR apartment buildings, 1 and 2 Ferry Island, will have a range of shared premium lifestyle amenities including the Island Club, which offers a gym, residents’ lounge, cinema/screening room and games room, studios, co-working space, meeting rooms, kitchen garden and sky garden.

Residents will also benefit from ‘an abundance’ of outside living space provided by balconies and three communal residents’ roof terraces/gardens located across the two buildings.

Related Argent’s BtR portfolio draws on the established record of Related Companies, which has over 71,000 homes across the USA. Related Argent’s BtR offering is led by Tom Goodall, Managing Director of Related Argent, together with Michael Herrington, Director of Build-to-Rent Operations.

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, added: “This substantial development loan reflects our ambitions in this sector and enables the delivery of 484 much needed new homes in the U.K. capital, alongside new public realm, leisure and retail amenities for the local community.”

By Matthew Neville – Senior Correspondent, Bdaily

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