Lendlease and the Crown Estate have officially launched a joint venture with a gross development value of up to 24 billion pounds, or roughly 46 billion Australian dollars, aimed at unlocking a string of major UK development sites.
The partnership, split 50-50 between the two organisations, formally commenced on July 1 after first being announced in May 2025. It is expected to deliver up to 30,000 new homes alongside 900,000 square metres of sustainable office and life sciences space.
Marquee sites transferred first
Three projects have been transferred into the venture to start: Euston Station, the 60 acre Silvertown development, and Stratford Cross, with Thamesmead and a Birmingham site expected to follow. Affordable housing work at Silvertown is due to begin within months, while the planning application for Euston Station is scheduled for the 2027 financial year.
Lendlease chairman John Gillam said the arrangement "creates an industry leading alliance to unlock value within our high-quality UK development portfolio and repositions each project for long-term growth." Lendlease will act as development manager across the projects.
Freeing up capital
The deal immediately releases about 115 million dollars of Lendlease's capital, on top of a 50 million dollar deposit the company received in June 2025. Lendlease also completed a separate, concurrent sale of its 904 residence Elephant Park portfolio for 260 million dollars.
