Backed by a £243m loan from ICG Real Estate, Related Argent is developing a build-to-rent scheme in Tottenham Hale, London, with 484 flats.
The start of work follows Related Argent agreeing financial terms with the money lender.
The new 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, whose gross development value is more than £600m, comprises 1,032 new homes, including market sale, on-site affordable and private rented housing across seven buildings.
The first phase has 417 homes across three buildings, with first residents moving in from July 2022.
Phase two comprises 1 Ferry Island, a 12-storey residential tower with 108 flats, and 2 Ferry Island, which will have 376 units across two towers rising to 38-storeys.
Architect for both is Allford Hall Monaghan Morris (AHMN) and main contractor is Midgard. Final completion is anticipated in the fourth quarter of 2026.
The scheme, in partnership with Haringey Council, will also have a pedestrianised civic space at the heart of the Tottenham Hale masterplan. Retail and commercial spaces will also line the main square including shops, cafes, leisure and offices.
The Related Argent and Haringey Council partnership is also delivering 131 affordable homes in the Welbourne building together with a new NHS health centre. Phase one of the residential scheme also saw Tottenham Hale railway and underground stations receive a £30m upgrade alongside a new Tottenham Hale Bus Station.
Related Argent managing director Tom Goodall 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.”
Midgard managing director Kevin Keegan said: “These are buildings of exceptional architectural quality and we look forward to delivering this new London landmark.”