Lendlease and The Crown Estate finalise UK development venture

Lendlease and The Crown Estate have completed a partnership to deliver major housing, science, innovation, and commercial projects across the UK, with an estimated GDV of £24 bn (€28.3 bn).

Silvertown

Operating as the "Impact Partnership Joint Venture", the agreement also establishes a jointly owned development management company to oversee the pipeline. The first phase combines three major regeneration schemes—Euston, Silvertown, and Stratford Cross—aiming to deliver up to 9,000 new homes and roughly 653,000 m2 of commercial space. Construction begins almost immediately, starting with 326 affordable homes at the 24-hectare (60-acre) Silvertown site this September, followed by a planning submission for Euston in spring 2027.

A second phase, scheduled for later this summer due to transaction timing, will incorporate Smithfield in Birmingham and Thamesmead Waterfront in London without affecting their current development schedules. These two projects will contribute an additional 18,500 homes and 268,500 m2 of commercial space. Infrastructure works at Smithfield are slated to begin later this year, with temporary markets starting early next year and the first housing block breaking ground in late 2027.

Andrea Ruckstuhl, managing director, Development, UK and Italy, Lendlease, said: “The commencement of the Impact Partnership Joint Venture Fund and creation of a new Development Management platform marks 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.”

Dan Labbad, chief executive at The Crown Estate, added: “This is a significant step in fulfilling our shared ambition to unlock critical growth by accelerating the delivery of these regeneration projects. 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.”