Related Argent secures €280m ICG loan for London BTR scheme

A £243 mln (€280 mln) loan from ICG Real Estate will fund delivery of the BtR homes. The latest works represent the second and final phase of Heart Of Hale, which has a gross development value of €600 mln and is owned and managed by Related Argent.

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.

It also includes 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.

The new BtR homes at 1 and 2 Ferry Island will have a range of shared premium lifestyle amenities including those of the Island Club.

1 and 2 Ferry Island have been designed by architectural practice Allford Hall Monaghan Morris (AHMN) and are being constructed by Midgard. Final completion is anticipated for Q4 2026.

Heart Of Hale, delivered in two phases, comprises of 1,032 new homes in total. Phase one delivered 417 new homes, as well as an upgrade to Tottenham Hale railway and underground stations, plus the development of a new Tottenham Hale Bus Station.

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.

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.'