Announcing an industry leading joint venture
- 19 May 2025
Lendlease and The Crown Estate have agreed to enter into a landmark partnership to create a new joint venture.
The new 50/50 joint venture will unlock science, innovation and technology space, and housing across the UK; providing vital infrastructure, stimulating growth, creating jobs and benefitting local communities.
The joint venture has the potential to unlock a programme of development with an estimated Gross Development Value of up to £24 billion. Ten million square feet of workspace will include cutting-edge science, innovation and technology spaces, generate more than 100,000 new jobs and circa 26,000 new homes.
Lendlease will continue to act as the development manager across the partnership. To support the JV’s establishment, The Crown Estate will work closely with Lendlease and other investment partners during the months ahead to satisfy the conditions required to complete the agreement.
The portfolio contains six development schemes across London and Birmingham:
- 60 acres above and around Euston Station in London, with the potential to deliver circa 4.3m square feet of commercial space and 2,000 new homes.
- 60 acres in Silvertown in London, with the potential to deliver circa 1.3m square feet of commercial space and 6,300 new homes.
- 40 acres in Smithfield in Birmingham, with the potential to deliver over 2m square feet of commercial space and 3,400 new homes.
- Three land plots in Stratford Cross, London, with the potential to deliver up to 1.6m square feet of commercial space.
- 250 acres of residential space in Thamesmead Waterfront, London, with the potential to deliver over 11,000 homes and 880,000 square feet of commercial space
- 27 acres in High Road West in Haringey, London, with the potential to deliver over 100,000 square feet of commercial space and around 2,800 new homes.
Tony Lombardo, Group CEO for Lendlease, said: “This partnership 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.”
Dan Labbad, CEO for 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.”
UK Government Chancellor of the Exchequer, Rachel Reeves MP, 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.”
UK Government 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.”
ENDS