Lendlease and The Crown Estate Create New Joint Venture 

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20 May 2025

The Crown Estate and private real estate group Lendlease will form a joint venture to address the demand for housing and new workspaces to support science and technology.

The 50/50 investment partnership is worth £24 billion, and will allow the Crown Estate to invest in Lendlease’s undeveloped UK land and land management portfolio. The partnership was made possible by recent legislative change, through the Crown Estate Act 2025, which offers the estate greater flexibility over how and where it invests.

According to a press statement by The Crown Estate, the joint venture could deliver over 10 million square feet of science and technology workspace and create over 100,000 jobs and 26,000 new homes.

The partnership consists of six schemes in 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. 

Tony Lombardo, Group CEO of Lendlease, said: “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.  

Picture: a photograph of, from left to right: Baroness Gustafsson CBE, Dan Labbad, Chief Executive of The Crown Estate, Tony Lombardo, Group CEO of Lendlease and Chancellor of the Exchequer Rachel Reeves. The photograph is taken inside 10 Downing Street in front of an ornamental fireplace. Dan Labbad and Tony Lombardo are holding documents, and a desk with the flags of the UK and Australia is seen at the front of the image.

Article written by Ella Tansley | Published 20 May 2025

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