Australian property developer Lendlease has completed a landmark £24 billion (US$32 billion) development partnership with The Crown Estate to deliver major housing, science, innovation and commercial projects across London and Birmingham in the UK.

The partnership will launch through the Impact Partnership Joint Venture, alongside the creation of a jointly owned development management company by Lendlease and The Crown Estate. The new company will be responsible for managing and delivering the projects included in the venture. The joint venture's first phase will cover three large-scale regeneration schemes—Euston, Silvertown, and Stratford Cross—which together have the potential to deliver around 9,000 homes and 7.03 million square feet of commercial space. Development activity is expected to begin shortly, with construction of 326 affordable homes at the 60-acre Silvertown site scheduled to commence in September, while a planning application for the Euston project is targeted for submission in spring 2027.

The second phase of the Impact Partnership Joint Venture is expected to include the Smithfield regeneration project in Birmingham and Thamesmead Waterfront in London later this summer. Their addition reflects the timing of the transaction and will not affect the planned development schedules for either project. Together, the two schemes are expected to deliver around 18,500 new homes and 2.88 million square feet of commercial space. At Smithfield, major infrastructure works are scheduled to begin later in 2026. Construction of temporary market facilities is expected to start early next year, while work on the first residential building is planned to commence later in 2027.