Lendlease and The Crown Estate launch £24bn regeneration partnership

Lendlease and The Crown Estate have formally launched a landmark £24 billion regeneration partnership designed to accelerate the delivery of some of the UK's largest mixed-use development projects.

The new venture, known as the Impact Partnership Joint Venture, will oversee a pipeline of major regeneration schemes capable of delivering more than 27,000 homes alongside almost 10 million sq ft of commercial, science and innovation space.

The partnership also establishes a jointly owned development management company, giving the two organisations direct responsibility for bringing forward a series of complex urban regeneration projects that are expected to attract further institutional investment over the coming years.

The first phase of the programme brings together three flagship developments at Euston, Silvertown and Stratford Cross. Together, these schemes have the potential to deliver around 9,000 new homes and more than seven million sq ft of commercial accommodation.

Construction activity is set to begin almost immediately, with work on 326 affordable homes at the 60-acre Silvertown development scheduled to commence in September. A planning application for the Euston regeneration project is expected to follow in spring 2027.

A second phase of the partnership is expected later this summer, when the Smithfield regeneration scheme in Birmingham and Thamesmead Waterfront in London join the joint venture.

Combined, the two projects are expected to add a further 18,500 homes and 2.88 million sq ft of commercial space, significantly expanding the scale of the regeneration programme.

Infrastructure works at Smithfield are due to begin later this year, with temporary markets scheduled to start early next year and the first residential phase expected to commence during 2027.

Rather than delivering individual schemes in isolation, the partnership has been established as a long-term platform capable of unlocking complex brownfield sites, accelerating delivery and attracting additional private and institutional capital into large-scale regeneration.

The developments span a range of uses, including housing, commercial offices, life sciences and innovation space, reflecting the increasingly mixed-use nature of major urban regeneration programmes.

Andrea Ruckstuhl, Managing Director, Development, UK and Italy at Lendlease, described the launch of the joint venture and development management platform as a major milestone for the company's UK business, creating a long-term vehicle to unlock some of the country's most significant regeneration opportunities.

Dan Labbad, Chief Executive of The Crown Estate, said the partnership would help accelerate the delivery of homes, jobs and long-term economic growth, while providing greater control over future developments and creating opportunities to bring forward additional housing and commercial projects across the UK.

The partnership also received Government backing, with Investment Minister Lord Stockwood describing the £24 billion pipeline as a strong vote of confidence in the UK's investment environment and highlighting its potential to deliver new homes, high-tech workspace and employment opportunities.

The agreement represents one of the largest regeneration partnerships announced in recent years and underlines the growing role of long-term public and private sector collaboration in unlocking major urban developments. By combining housing, commercial space, science and innovation uses within a single investment platform, the venture aims to accelerate delivery on strategically important sites while supporting wider economic growth across several of the UK's largest cities.