On July 18, 2024, the ULI UK Residential Product Council held its Summer Product Council Day at Brent Cross Town (BXT), attended by approximately 30 industry professionals, including representatives from Homes England, JLL, ICG Real Estate, and Apache Capital.

Presentations and Insights:

Oli Rifkind, Executive Director at Related Argent, began the event with an overview of the Brent Cross Town regeneration project and an introduction to the opportunities and challenges presented by such an ambitious masterplan. This 180-acre development, initiated by Related Argent in partnership with the London Borough of Barnet, aims to create a vibrant “Future Park Town” in London, with 6,700 homes, 3 million sq. ft. of office space, and over 50 acres of green space, forecasted to reach practical completion by 2030. 400 homes will be completed this year, with 600 planned to reach completion by the end of next year. The project has received £420 million in funding from central government, including a significant investment in infrastructure and has delivered a new mainline railway station— one of the only ones ever to be delivered by a local authority.

Tour Highlights:

Attendees toured two beautifully designed show apartments in the Visitor Pavilion, known as the “green kitchen” and “blue kitchen.” These apartments feature high specifications, including large kitchen areas, integrated hot taps and microwaves, higher ceilings, and floor-to-ceiling windows. This design strategy aims to attract new buyers and tenants by offering exceptional value for money. Despite a challenging sales market, property values have increased, with an average of five sales per month, driven by both domestic and international buyers. Notably, apartments without balconies remain unsold, highlighting the ongoing demand for private outdoor spaces. The masterplan includes abundant green spaces, creating a lush, inviting environment amidst the urban setting.

Panel Discussion:

Nick Riley from Whittam Cox Architects shared insights from the Royal Wharf project, highlighting the innovative use of Modern Methods of Construction (MMC) and the collaborative approach involving multiple contractors and architects. Using different contractors, such as Midgard and Galliford Try, facilitated cross-project learning, especially in procurement and delivery.

Riley emphasized prioritising operational design to ensure the masterplan delivered a functional, efficient environment. This included detailed considerations for building layout, movement flow, safety, sustainability, and technology integration, with carbon reduction strategies integral to enhancing efficiency and usability.

Jamie Smith, Development Director at Related Argent, discussed the joint venture with LB Barnet, underscoring the importance of upfront infrastructure to attract investors and residents. He stressed the significance of placemaking and creating a strong identity for the area, with a focus on retail offerings, even at the cost of initial profits.

Mathilde Guittard, Investment Director at Octopus Real Estate, explained their investment in senior living at BXT. She noted the area’s affluence, confidence in the local market, and the unique lifestyle offered by Mayfield, including amenities like a hammam, sauna, and swimming pool, appealing to both local residents and newcomers.

The discussion also touched on the potential of grey-belt land for future housing, highlighting the fundamental role of central government in unlocking development potential. Infrastructure development was deemed crucial to building confidence and driving investment.

Key Takeaways:

• Infrastructure Investment: The significant upfront infrastructure investment has been pivotal in attracting both investors and residents.
• High-Quality Residential Units: The decision to enhance apartment specifications has been well-received, aiding in robust sales despite market challenges.
• Diverse Housing Solutions: The development includes a mix of residential units, including Build-to-Rent (BTR) and senior living, to meet varied market needs.
• Future Prospects: There is optimism about the project’s future, contingent on continued government support and streamlined planning processes.

The event underscored the collaborative effort and strategic planning driving the Brent Cross Town project, showcasing it as a model for future urban regeneration initiatives.

Thank you again to Whittam Cox Architects who sponsored the event, you can see their write-up here.