The Crown Estate has struck a deal with property and infrastructure group Lendlease to unlock development at key sites in London and Birmingham.

Investment in the new 50/50 joint venture by the Crown Estate has the potential to deliver more than 10m sq ft of workspace including science, innovation and technology spaces, more than 100,000 jobs and around 26,000 new homes – including rental and affordable - with a gross development value of up to an estimated £24bn. 

Lendlease will continue to act as the development manager across the portfolio. The Crown Estate will use its position to support the joint venture’s establishment, working closely with Lendlease and other partners over the months ahead to help satisfy the conditions required to complete the agreement.

The portfolio contains six development schemes across London and Birmingham: 

• 60 acres above and around Euston Station in London, with the potential to deliver circa 4.3m sq ft of commercial space and 2,000 new homes.
• 60 acres in Silvertown in London, with the potential to deliver 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 commercial space and around 2,800 new homes.

Dan Labbad, chief executive of The Crown Estate, said: “With strong support from local and national government, we look forward to working with Lendlease and others to realise the potential of these projects to create jobs, stimulate growth and positively impact lives, while also generating income for the UK.

“As a country, we face challenges to unlocking growth. To support this, we need to spark investment in sectors like science, technology, and housing, alongside deep collaboration across communities, government, and the private sector. This joint venture is an example of how The Crown Estate is harnessing its mandate to act in the UK’s long-term national interest, supported by new investment powers, and stepping up its ambition to support inclusive growth for the nation.”

Tony Lombardo, group CEO of Lendlease, added: “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.”

Chancellor of the exchequer, Rachel Reeves, said: “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.”

When combined with The Crown Estate’s existing £1.5 bn 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 circa £44bn. 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.