The Crown Estate enters joint venture with Lendlease to build 26,000 homes

The six schemes in the portfolio include 60 acres above and around Euston Station in London, with the potential to deliver 2,000 homes; 60 acres in Silvertown in London, which could deliver 6,300 homes; and 40 acres at Smithfield in Birmingham, with the potential to deliver 3,400 homes.

In addition, the joint venture will progress three plots of land in London: Stratford Cross, with the potential to deliver over 1.6 million sq ft of commercial space; 250 acres of residential space in Thamesmead Waterfront, with the potential to deliver over 11,000 homes; and 27 acres in High Road West in Haringey, with the potential to deliver 2,800 new homes.

Lendlease will continue to act as the development manager across the portfolio. Last year, the Sydney-headquartered company announced plans to sell its UK construction business and divest its British assets as part of a broader restructuring.

The Crown Estate said its investment in the new joint venture aligned with two of its core areas of strategic focus: supporting the development of science, innovation and technology space, and unlocking housing in the UK.

It added that there was a need to deliver bespoke commercial space for science, innovation and technology companies across the UK. Last year, the Crown Estate pledged to invest up to £1.5bn to support these sectors over the next 15 years.

Established in 1961, the Crown Estate is a commercial business that manages the King’s hereditary property and provides a net profit to the Treasury. In addition to the Lendlease joint venture, it has a development pipeline of 30,000 homes.

Earlier this year, the Crown Estate Act 2025 was passed, which gave the business new borrowing and investment powers to stimulate growth and generate greater returns for the public purse.

Dan Labbad, chief executive of the Crown Estate, said: “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 chief executive 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.

“With our expertise in delivering city-shaping urban-regeneration projects, the joint venture aims to deliver positive outcomes for our securityholders, communities and partners.”

Rachel Reeves, the chancellor of the exchequer, said: “We are pulling every lever to grow our economy so we can put more money in people’s pockets, boost homeownership 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.”