The UK’s Crown Estate and Lendlease have completed an agreement to form a long-term joint venture (JV) aimed at delivering large-scale regeneration projects across the UK.
The initiative, named the Impact Partnership Joint Venture, is estimated to have a gross development value of £24bn ($32bn). It will focus on providing new housing as well as science, innovation and commercial space.
As part of the collaboration, The Crown Estate and Lendlease will establish a new development management firm that is jointly owned and will oversee the projects delivered within the partnership.
The first phase of the JV includes the regeneration of three major sites, which include Silvertown, Euston and Stratford Cross. Together, these sites are projected to contribute up to 9,000 homes and 7.03 million square feet of commercial space.
Construction activity is expected to begin soon, with initial building works commencing September at the 60-acre Silvertown development, where 326 affordable homes are planned.
A planning application for the Euston project is scheduled for submission in spring 2027.
A second phase of the partnership is anticipated to include developments at Smithfield in Birmingham and Thamesmead Waterfront in London later this summer.
The timing of their entry into the JV is stated to be related to transaction scheduling and does not affect the existing development timelines at either site.
These projects are forecast to deliver an additional 18,500 homes and 2.88 million square feet of commercial space.
At Smithfield, major infrastructure works are set to start later this year, with temporary markets expected to be delivered early next year, and the first housing block scheduled to begin construction in 2027.
Lendlease UK and Italy development managing director Andrea Ruckstuhl 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.”
The partnership is intended to facilitate the development of complex sites, speed up project delivery and encourage additional private and institutional investment in support of both local and national growth strategies.
The Crown Estate chief executive Dan Labbad said: “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.”
