The Crown Estate and Lendlease have finalised their agreement to enter into a £24bn GDV partnership to deliver critical housing and science, innovation and commercial space in the UK.
In addition to launching the new Impact Partnership Joint Venture, the JV partners will also establish a development management company, jointly owned by Lendlease and The Crown Estate, which will oversee and deliver developments.
The first phase of the joint venture will bring together three major regeneration projects – Euston, Silvertown and Stratford Cross – where up to 9,000 new homes and 7.03 million sq ft of commercial space will be delivered.
Work is due to commence on 326 affordable homes at the 60-acre Silvertown development (pictured) in September and a planning application is due to be submitted at Euston in spring 2027.
It is expected that Smithfield in Birmingham and Thamesmead Waterfront in London will enter the Impact Partnership Joint Venture later this summer, to make up the second phase of developments, delivering an additional 18,500 homes and 2.88m sq ft of commercial space.
Andrea Ruckstuhl, managing director, development, UK and Italy, at 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. 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 of 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. 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 £24bn 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.”
