Galliford Try wins £87m job on Brent Cross mega-scheme

27/11/23

Galliford Try has won an £87m contract to deliver 286 build-to-rent homes as part of a mammoth regeneration scheme in north London.

The homes will form part of Brent Cross Town, an £8bn mixed-use neighbourhood covering 180 acres. The three new blocks, containing a mix of market-rent and discount-market-rent homes, will also contain 1,600 square metres of retail and amenity space, including a leisure centre with a swimming pool.

The firm was already awarded a £75m contract in March to build 249 homes, a cinema and community centre for the scheme. 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 be working once again with Related Argent on one of the most significant build-to-rent schemes in London.

"Our business has a strong track record in producing high-quality residential developments, with the sector remaining a key focus for our building 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-led scheme. The new contractor appointment means that six of the scheme's buildings are now under construction.

The complete 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 containing 662 student rooms was being built for Fusion Students by Henry Construction, 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 across a building ranging from 9 to 12 storeys.

Brent Cross Town is targeting net zero by 2030. Offsite manufacturing will be employed 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 financing 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 £97m of debt financing to the new building.

Tom Goodall, managing director of Related Argent, said: "Our joint venture with Invesco Real Estate at Brent Cross Town and the financing from LaSalle Investment Management is helping meet an increasing gap in the market and addressing the city's growing demand for high-quality rental properties in vibrant places."

Source; Construction News