Lendlease & The Crown Estate Finalise Landmark £24bn ‘Impact Partnership’ Joint Venture

Lendlease and The Crown Estate have completed a historic agreement to establish the Impact Partnership Joint Venture. Backed by an estimated Gross Development Value (GDV) of £24 billion, this highly anticipated alliance will create a jointly owned development management platform to spearhead large-scale urban regeneration across the UK.

The primary objective of the new development management vehicle is to unlock complex urban brownfield sites by combining The Crown Estate’s substantial land portfolio with Lendlease’s delivery and asset management expertise. In total, the long-term masterplan aims to deliver up to 27,500 new homes alongside nearly 10 million square feet of commercial, science and innovation workspace.

Phase One: Accelerating London Regeneration

The initial phase of the joint venture integrates three landmark regeneration projects in London, which combined will provide roughly 9,000 homes and over 7 million square feet of commercial space:

Silvertown: Construction activity is scheduled to begin almost immediately on the 60-acre East London site, with work on 326 affordable homes starting this September.

Euston: The partnership is targeting spring 2027 to submit a comprehensive new planning application for the redevelopment of the station area.

Stratford Cross: Moving forward under the unified management structure to advance the delivery of high-spec workspace and public realm.

Phase Two: Expansion to Birmingham and Thamesmead

Later this summer, the joint venture is expected to incorporate a second tranche of major projects. This expansion will include the Thamesmead Waterfront scheme in London and the Smithfield development in Birmingham, adding another 18,500 homes and 2.88 million square feet of commercial space to the pipeline.

Infrastructure works at Birmingham Smithfield are forecasted to start later this year, with logistics and temporary market installations beginning early next year before the first residential blocks break ground in 2027.

📋 Executive Perspectives

The commencement of the Impact Partnership Joint Venture Fund and the creation of a new Development Management platform mark 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.

Andrea RuckstuhlManaging Director of Development for UK and Italy at Lendlease

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.

Dan LabbadChief Executive at The Crown Estate

Market Outlook & Strategic Delivery

While a £24 billion project pipeline provides a large, long-term injection of activity for main contractors, SME housebuilders and consultancies, the sheer scale of these multi-phased masterplans brings significant delivery hurdles. Navigating prolonged planning risk, infrastructure constraints and complex rail-adjacent logistics, particularly around major hubs like Euston, will test industry capacity.

In a challenging market where operational standards are paramount, securing the right leadership is critical. The demand for exceptional executive, permanent and interim talent capable of steering these high-stakes schemes will remain highly competitive for years to come.