The Crown Estate has signed a landmark agreement with Lendlease to create a £24 billion joint venture aimed at accelerating the delivery of thousands of homes and millions of square feet of commercial space across six major development sites in London and Birmingham.
The 50:50 partnership will focus on Lendlease’s strategic land holdings, aligning with The Crown Estate’s long-term investment priorities: unlocking housing supply and creating cutting-edge space for the UK’s fast-growing science, innovation, and technology sectors.
The portfolio spans over 450 acres and is expected to deliver more than 10 million square feet of commercial real estate and around 26,000 new homes – including rental and affordable housing – while supporting the creation of over 100,000 jobs.
Development will be led by Lendlease, which remains as development manager across the sites.
KEY PROJECTS
The six key projects in the joint venture include:
- Euston, London – 60 acres above and around the station, with potential for 4.3m sq ft of commercial space and 2,000 homes
- Silvertown, London – 60 acres, with 1.3m sq ft of commercial space and 6,300 homes
- Smithfield, Birmingham – 40 acres, with over 2m sq ft of commercial space and 3,400 homes
- Stratford Cross, London – Three plots with 1.6m sq ft of commercial potential
- Thamesmead Waterfront, London – 250 acres, with over 11,000 homes and 880,000 sq ft of commercial space
- High Road West, Haringey – 27 acres, with 100,000 sq ft of commercial space and 2,800 homes
SIGNIFICANT MILESTONE
The deal marks a significant milestone in efforts to address the UK’s chronic housing shortage and the growing demand for high-quality, flexible space to support the expanding tech and life sciences sectors.
The UK has seen a cumulative shortfall of around 300,000 homes since 2019, alongside an estimated 8.5 million people currently unable to access suitable housing.
At the same time, the country’s tech ecosystem – the largest in Europe and third globally – continues to drive demand for new science and innovation hubs, particularly in sectors such as AI, climate tech, and cleantech.
The joint venture forms part of The Crown Estate’s wider ambition to invest up to £1.5 billion over the next 15 years in science and technology infrastructure. The partnership remains subject to conditions, with The Crown Estate and Lendlease working closely to finalise arrangements in the coming months.
INDUSTRY ALLIANCE
Tony Lombardo, Group CEO of Lendlease, says: “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.”
HOME OWNERSHIP
Chancellor of the Exchequer Rachel Reeves adds: “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.”
GET BRITAIN BUILDING
Minister for Investment Baroness Gustafsson CBE says: “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.”
56,000 HOMES
When combined with The Crown Estate’s existing £1.5 billion investment in the science, innovation and technology sectors over the next 15 years and development pipeline of up to 30,000 homes, the businesses will have a combined pipeline with a Gross Development Value of c.£44 billion.
This includes the potential to deliver up to 56,000 homes nationally in the long-term – spread between the Capital and regionally – and up to 19 million square feet of employment space.
This partnership follows the Crown Estate Act 2025, which was passed earlier this year. The legislation gives The Crown Estate new borrowing and investment powers to further stimulate growth and generate greater returns for the public purse.
