The Crown Estate and Landlease earmark £24b for life science and housing

The Crown Estate and Lendlease have formed a 50/50 joint venture to develop six major projects across London and Birmingham.

Crown Estate - Landlease signing

This partnership will focus on Lendlease's undeveloped UK land, supporting the Crown Estate's goals of boosting science and technology spaces and increasing housing supply.
The ambitious plan aims to create over 929,030 m² of workspace (including advanced science and technology facilities), approximately 26,000 new homes (with affordable and rental options), and over 100,000 jobs. The estimated value of the developments could reach £24 bn (€28 bn).
Six sites are included in the development portfolio: Euston Station, Silvertown, Stratford Cross, Thamesmead Waterfront, and High Road West in London, and Smithfield in Birmingham. Lendlease will manage the development of the sites.
The agreement is conditional, and both parties will work together in the coming months to finalize the details.
Dan Labbad, CEO of The Crown Estate, said: “As a country, we face challenges to unlocking growth. To support this, we need to spark investment in sectors like science, technology, and housing, alongside deep collaboration across communities, government, and the private sector. This joint venture is an example of how The Crown Estate is harnessing its mandate to act in the UK’s long-term national interest, supported by new investment powers, and stepping up its ambition to support inclusive growth for the nation.”
Tony Lombardo, Group CEO of Lendlease, said: “Our partnership with The Crown Estate will create an industry-leading alliance that is expected to unlock value within our high-quality UK development portfolio while accelerating the release of capital for the Group. With our expertise in delivering city-shaping urban regeneration projects, the joint venture aims to deliver positive outcomes for our securityholders, communities, and partners.”
This partnership addresses the UK's critical housing shortage and the growing need for specialized commercial space for science and technology companies. This venture builds upon The Crown Estate's existing £1.5 bn (€1.8 bn) commitment to science and technology investment, and combined, their projects have a potential value of £44 bn (€52 bn). This includes the possibility of creating up to 56,000 homes nationwide and 1.7 million m2 of workspace.