In a joint venture with Lendlease, The Crown Estate will focus on Lendlease’s undeveloped land management portfolio in London and Birmingham
The Crown Estate JV will bring 100,000 jobs in building 26,000 homes and 10m sq ft of workspace.
The programme has an estimated value of £24bn.
One development is in Birmingham, and five in London
The schemes are as follows:
- 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 in London, with the potential to deliver circa 1.3m sq ft of commercial and 6,300 new homes.
- 40 acres in Smithfield in Birmingham, with the potential to deliver over 2m sq ft of commercial space and 3,400 new homes.
- Three land plots in Stratford Cross, London, with the potential to deliver over 1.6m sq ft of commercial space.
- 250 acres of residential space in Thamesmead Waterfront, London, with the potential to deliver over 11,000 homes and 880,000 sq ft of commercial space.
- 27 acres in High Road West in Haringey, London, with the potential to deliver over 100,000 sq ft commercial space and around 2,800 new homes.
Lendlease will act as the development manager for the portfolio, with The Crown Estate supporting their work and working with other partners to satisfy agreement conditions.
The Crown Estate aspires to invest £1.5bn in supporting science, innovation, technology, and housing in the UK. This JV supports this ambition, and is a part of the Crown Estate Act 2025, allowing the Estate new powers in borrowing and investment to help stimulate growth.
“We need to spark investment”
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, 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.”
Chancellor of the exchequer, Rachel Reeves, said: “We are pulling every lever to grow our economy so we can put more money in people’s pockets, boost home ownership and make Britain a global hub for life sciences through our Plan for Change.
“This includes creating the right environment for organisations like The Crown Estate and Lendlease to partner, helping us to unlock capital to get Britain building and get Britain growing.”
Minister for investment, Baroness Gustafsson CBE, said: “This is yet another strong endorsement of the UK’s investment environment and our thriving real estate sector as this government has committed to get Britain building again, a crucial part of delivering our Plan for Change.
“This pipeline and the creation of additional research labs across the UK, will be a massive boost for our world-leading science, innovation and technology sectors, all key growth sectors in our upcoming modern Industrial Strategy.”
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