Crown Estate and Lendlease have agreed a £24bn partnership to deliver new housing and science hubs across the UK.
The deal will see the Crown Estate invest in Lendlease’s UK land and projects, backing the Government’s Plan for Change.
The venture is expected to create 100,000 jobs and 26,000 homes, with a third set to be affordable.
The pipeline includes plans for around 10 million square feet of workspace and labs, aiming to support the Government’s new industrial strategy.
Areas lined up for development include Euston Station, Silvertown and Thamesmead Waterfront in London, and Smithfield in Birmingham.
The joint venture will also back investment in life sciences and digital sectors.
Chancellor 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.”
Minister for Investment Baroness Gustafsson CBE said: “This is yet another strong endorsement of the UK’s investment environment and our thriving real estate sector as this government has committed to get Britain building again, a crucial part of delivering our Plan for Change.
“This pipeline and the creation of additional research labs across the UK, will be a massive boost for our world-leading science, innovation and technology sectors, all key growth sectors in our upcoming modern Industrial Strategy.”
Tony Lombardo, group CEO of Lendlease, said: “This landmark partnership between our two organisations will combine our shared expertise in delivering city shaping precincts and creating long-term benefits for communities.
“As master developer, we look forward to working with The Crown Estate to unlock value within our UK development portfolio, for partners, government clients and our securityholders.”
Dan Labbad, CEO 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.”
