The Crown Estate and Lendlease have signed a landmark 50/50 joint venture to develop six major regeneration projects across London and Birmingham, in a partnership with an estimated gross development value of up to £24 billion. The agreement focuses on Lendlease’s undeveloped UK land portfolio and represents one of the UK’s largest urban regeneration collaborations in recent years.

The partnership is designed to accelerate the delivery of large-scale housing, commercial, and science-led developments while supporting economic growth and infrastructure investment. Together, the projects could deliver more than 10 million square feet of workspace, including laboratories and innovation hubs for technology and life sciences companies, alongside around 26,000 new homes — including affordable and rental housing.

The six projects include major redevelopment sites at Euston Station, Silvertown, Stratford Cross, Thamesmead Waterfront, and High Road West in London, as well as the Smithfield regeneration scheme in Birmingham. Among the most significant is the Euston Station redevelopment, a 60-acre mixed-use project expected to deliver approximately 4.3 million square feet of commercial space and 2,000 homes. Thamesmead Waterfront alone has the potential for more than 11,000 homes, making it one of the largest housing-led regeneration opportunities in the capital. 

Under the agreement, Lendlease will continue acting as development manager across the portfolio, while The Crown Estate will use its expanded investment powers to support long-term financing and project delivery. The partnership follows the passing of the Crown Estate Act 2025, which granted the organisation greater borrowing and investment flexibility to stimulate national growth and generate stronger public returns.