Last updated 4th July 2022
Argent (Property Development) Services
Argent LLP is a major property developer and a leading player on the UK city centre regeneration scene. Founded in 1981, the group has a strong track record in mixed-use developments notably at London King’s Cross and in Manchester and Birmingham.
Having floated in London in 1994, Argent was taken private in 1997 by the BT Pension Scheme. In May 2012, Argent plc converted to a limited liability partnership and changed its day-to-day operating business, Argent Estates Ltd., into a new entity, Argent (Property Development) Services. The conversion reinforced the group”s ethos for working in partnerships and to allow the next generation of employees to take a stake. Today the group employs around 168.
In 2015, Argent created a joint venture with a US real estate and investment firm, Related Companies – recently renamed Argent Related – to pursue all future projects in the UK. The new venture focuses on purpose-built rented homes and workspace, where it sees major opportunities and it has major partnerships with Barnet Council to develop the 192 acre Brent Cross South site and with Haringey Council to develop key sites (see below).
Argent has been involved in some of the largest regeneration schemes in the UK including the eight million sq ft of space planned at King’s Cross and major regeneration schemes in Manchester at Piccadilly, One St Peter’s Square and the Airport City project. In Birmingham, its schemes have included the 1.25 million sq ft Brindleyplace development and the Paradise Circus regeneration scheme.
In all, Argent has delivered 5 million sq ft of development worth over £2 billion over the past 20 years. At King”s Cross, Google has built an 11-storey campus and Astrazeneca and Meta are among the tenants who have recently taken space.
Argent has a long list of blue chip clients incuding Royal Bank of Scotland, BT, Lloyds TSB, Oracle, Prudential, BNY Mellon and the University of the Arts London, London Borough of Camden, KPMG, and One Housing Group. It has delivered buildings for Havas, Waitrose, Guardian Media Group, and the Aga Khan Development Network.
Financials
To view the financials for Argent (Property Development) Services LLP visit Companies House and use Company ID OC370009
Argent (Property Development) Services LLP produced little-changed results for the year to end-April 2021. The partnership reported an operating profit of £13.02 million, compared with £14.384 million previously, on a turnover of £45.64 million, up from £43.04 million. The operating profit margin slipped to 29% from 33% and cash in hand stood at £11.8 million, down from £13.4 million. The partnership”s main income is from contracts with Argent (King”s Cross) under which it provides development, asset management and estate services to the King”s Cross Central Development and service agreements on the group”s developments in Manchester (One St Peter”s Sq., The Hive, The Hub), Birmingham (Eleven Brindleyplace) and Merthyr Tydfil.
Projects
Related Argent has been selected to deliver the new Brent Cross Town development in partnership with Barnet Council, under which a 180 acre site next to Brent Cross Shopping Centre will be transformed over coming years. The site has planning permission for 4.2m sq ft of commercial space, 6.8 m sq ft of residential (around 7,500 new homes), 660,000 sq ft of industrial, 115,000 sq ft of leisure (including three re-built schools), 350,000 sq ft of retail and new public squares.
In June 2022, a new student accomodation scheme at Brent Cross Town was unveiled in a partnership with a sector specialist Fusion, which will provide 662 private rooms for students to be completed for the 2024/2025 academic year and involving three connected blocks to be designed by Glenn Howells Architects.
Related Argent” scheme for the regeneration of Tottenham Hale, the first phase of London’s largest housing zone in Tottenham, secured planning permission from Haringey Council in late 2018. It involves mixed-tenure homes across five pieces of land and in six new buildings next to Tottenham Hale’s rail, underground and bus stations, Argent Related will deliver a mix of 1,030 new homes of various tenures, up to 20 new retail spaces; office space and a health centre together with public space. AHMM, Alison Brooks Architects, Pollard Thomas Edwards and Grant Associates are also working on the scheme.
In early 2022, Argent Related and a partner The Olayan Group announced plans for a build-to-rent development at the Triangle Site at King”s Cross involving 218 homes for rent and which will be set for completion in 2023.
Meanwhile, in late 2019 The King’s Cross Central Limited Partnership (KCCLP) – part of Argent – was chosen by St Pancras Hospital as its preferred development partner for a prime five acre site behind St Pancras International Station. The hospital trust will move patient services from St Pancras but keep other offices and research facilities on the site.
Glenigan data
Figures from Glenigan highlight the variety and scale of Argent”s development programme. They show that Argent is the developer on a £51.43 million student accommodation scheme with flexible commercial space at Brent Cross where work is set to start in summer 2022 and run for 24 months (Project ID: 21354457). Meanwhile detailed plans have been granted and tenders returned on a £130.8 million scheme for Tottenham Hale Ferry Island Buildings 1 & 2 where Argent is the client and work is set to start in late 2022 and run for 36 months (Project ID: 19133137).
Conclusion: Leading developer pursuing major regeneration schemes, particularly build-to-rent
Argent is one of the country”s leading inner city developers and its change of focus towards the build-to-rent market in the capital is a significant pointer to the way the regeneration market is heading, with build to rent set to be a key component in more schemes around the country. For now, the group appears to be financially solid and with a continuing workload, notably in London and Birmingham, it is likely to remain a significant source of new construction activity.
Winning work with Argent
Argent has a track record for working in partnership with funders, landowners, local authorities and contractors. It works by establishing long-standing relationships based on trust and a focus on managing high quality schemes.
Separate websites for the group”s major schemes, notably at King”s Cross and Paradise Circus in Birmingham can be found on the firm”s website at www.argentllp.co.uk
Contacts:
Robert Evans, Joint Managing Partner, Argent and Partner, Related Argent
Tel 0203 664 0200
Morwenna Hall
COO and Partner Argent and Partner Related Argent
Tel 0203 664 0200
Will Colthorpe, Partner Argent and Partner Related Argent
(leads development pipeline at King’s Cross and St Pancras Hospital development)
Tel: 0203 664 0200