The Crown Estate and Lendlease are launching a new 50/50 joint venture partnership focused on building out Lendlease’s undeveloped UK land management portfolio.
The joint venture could see more than 10m sq ft of workspace and circa 26,000 new rental and affordable homes delivered with a GDV of up to £24bn.
The portfolio comprises: 60 acres above and around Euston Station in London, with the potential to deliver circa 4.3m sq ft of commercial space and 2,000 new homes; 60 acres in Silvertown, London, with the potential to deliver circa 1.3m sq ft of commercial and 6,300 new homes; 40 acres in Smithfield, Birmingham, with the potential to deliver more than 2m sq ft of commercial space and 3,400 new homes; three land plots in Stratford Cross, London, with the potential to deliver more than 1.6m sq ft of commercial space; 250 acres of residential land in Thamesmead Waterfront, London, with the potential to deliver more than 11,000 homes and 880,000 sq ft of commercial space; and 27 acres in High Road West in Haringey, London, with the potential to deliver more than 100,000 sq ft commercial space and around 2,800 new homes.
Lendlease will continue to act as the development manager across the portfolio and The Crown Estate will work closely with Lendlease and other partners over the coming months to help satisfy the conditions required to complete the joint venture agreement.
Dan Labbad, chief executive of The Crown Estate, said: “With strong support from local and national government, we look forward to working with Lendlease and others to realise the potential of these projects to create jobs, stimulate growth and positively impact lives, while also generating income for the UK.
“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, added: “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 security holders, communities and partners.”
