Lendlease and The Crown Estate have announced a £24billion joint venture that will deliver thousands of new homes alongside science, innovation and commercial space in the UK.
Alongside the joint venture, which will be known as the Impact Partnership Joint Venture, the partners will establish a jointly-owned development management company, which will oversee and deliver the developments.
The first phase of the JV will bring together three major regeneration projects – Euston, Silvertown and Stratford Cross – culminating in a potential 9,000 new homes and 7.03 million square feet of commercial space. The JV’s construction programme is set to begin imminently, with work due to start on 326 affordable homes at the 60-acre Silvertown development in September and a planning application due to be submitted at Euston in spring 2027.
A second phase is expected to see Smithfield in Birmingham and Thamesmead Waterfront in London enter the Impact Partnership Joint Venture later this summer. These two projects will deliver an additional 18,500 homes and 2.88 million square feet of commercial space.
Major infrastructure works at Smithfield are expected to commence later this year, with the delivery of temporary markets due to start early next year and the first housing block scheduled to commence later in 2027.
The partnership has been designed to unlock complex urban sites, accelerate their delivery and attract further private and institutional capital, supporting national and local growth ambitions.
Andrea Ruckstuhl, managing director of development, UK and Italy, at Lendlease, said: “The commencement of the Impact Partnership Joint Venture Fund and creation of a new development management platform mark a major milestone for our UK business.”
“Together with The Crown Estate, we’ve established a long-term vehicle to unlock some of the UK’s most important regeneration opportunities with a shared commitment to creating places that deliver lasting value for investors and communities.”
“We’d like to thank all our public and private sector partners for their support in achieving this landmark joint venture today.”
Dan Labbad, chief executive at The Crown Estate, said: “This is a significant step in fulfilling our shared ambition to unlock critical growth by accelerating the delivery of these regeneration projects. Through the conditional period, we have already made great progress, and I want to thank the wide range of partners across the public and private sectors who are working with us to deliver the jobs, homes and long-term economic growth that the UK needs.”
“The new jointly owned development management company will give us greater control over the future development of these sites and, in the longer term, will allow us to explore the delivery of more housing and commercial space up and down the country.”
Investment minister, Lord Stockwood, said: “This is a powerful vote of confidence in the UK’s economy and investment environment. The £24billion pipeline will not only boost our real estate sector but support local communities in providing thousands of new, affordable homes for people.
“With digital and tech identified as a key growth sector in our Industrial Strategy, this investment will also pave the way for new high-tech workspaces and labs, helping to create tens of thousands of new jobs and opportunities across the country.”
