The Crown Estate and Lendlease have entered into a conditional agreement to create a new joint venture partnership focused on Lendlease’s undeveloped UK land management portfolio.  

The Crown Estate is investing in a new 50/50 joint venture that has the potential to deliver more than 10 million square feet of workspace, including both market-rate and affordable options. This will be delivered through a series of real estate developments with an estimated Gross Development Value of up to GBP 24 billion (US$ 32 billion). Lendlease will remain the development manager for the entire portfolio. 

The portfolio contains six development schemes across London and Birmingham:  

• 60 acres above and around Euston Station in London, potentially delivering circa 4.3m sq ft of commercial space and 2,000 new homes. 

• 60 acres in Silvertown in London, potentially delivering circa 1.3m sq ft of commercial and 6,300 new homes.  

• 40 acres in Smithfield in Birmingham, with the potential to deliver over 2m sq ft of commercial space and 3,400 new homes. 

• Three land plots in Stratford Cross, London, with the potential to deliver over 1.6m sq ft of commercial space.   

• 250 acres of residential space in Thamesmead Waterfront, London, with the potential to deliver over 11,000 homes and 880,000 sq ft of commercial space.    

• 27 acres in High Road West in Haringey, London, with the potential to deliver over 100,000 sq ft of commercial space and around 2,800 new homes. 

When combined with The Crown Estate’s existing GBP 1.5 billion (US$ 2 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.