Established British development company and US developer Related have formed a joint venture to tackle major mixed use projects in the UK. The pair, working under the brand Argent Related, will be looking to grow a rented housing element to schemes they involve themselves in, drawing on Related’s US experience, where the company has more than 50,000 homes for rent.
Together, the two partners will pursue large schemes, building on Argent’s experience of creating urban spaces around the UK in locations including King’s Cross and Birmingham. “Related’s industry leadership in such areas as sustainability and construction supply chain, and expertise in developing and operating their portfolio of more than 50,000 build-to-rent homes in the US, will enable us jointly to deliver a significant contribution towards the homes London and the UK desperately needs,” said Argent managing director David Partridge. “Together we will be able to complete projects with the scale and impact to make a real difference, and keep Argent at the forefront of the UK property sector.”
The joint venture has already been selected by Barnet Council to deliver a substantial mixed use development on a 192 acre site south of Brent Cross Shopping Centre in north London. The pair expect to start work on the project in 2017, using a masterplan already prepared by architects Allies + Morrison; the site already has a planning permission for around 7,500 homes, 350,000 sq ft of retail space and 4.2 million sq ft of commercial space.
Residential property will be a key part of the pair’s interests – as the launch statement made clear: “Argent Related will develop open-market and affordable housing, offices, retail and leisure space, and hotels, with a commitment to sustainable and sensitive development. Drawing on Related’s extensive experience in build-to-rent developments and strong management capability in the United States, the venture will place a distinct focus on purpose-built rented homes, where the company sees great opportunity in the market.”
A flavour of what is to come can be gleaned from a visit to the Related Rentals website, where the company leases a range of luxury apartments and offers tenants a wide variety of supporting services.