One of the UK’s largest regeneration partnerships has officially moved into delivery, with Lendlease and The Crown Estate completing their landmark £24bn joint venture to unlock thousands of new homes and millions of square feet of commercial development across London and Birmingham.
The newly formed Impact Partnership Joint Venture establishes a long-term development platform focused on delivering some of the country’s most significant mixed-use regeneration schemes. Initially, the partnership will oversee the transformation of Euston, Silvertown and Stratford Cross, creating around 9,000 new homes alongside more than 7 million sq ft of commercial, science and innovation space.
The announcement represents a major milestone for the construction and property sectors, providing a significant pipeline of work spanning residential development, commercial offices, life sciences, infrastructure, public realm and sustainable urban regeneration.
Construction activity is set to begin almost immediately, with work scheduled to commence in September on the first phase of the 60-acre Silvertown regeneration in East London. This initial package will deliver 326 affordable homes, forming part of a wider mixed-use neighbourhood that will reconnect a long-underutilised section of the Royal Docks with the surrounding community.
Elsewhere, plans for the highly anticipated redevelopment of Euston are continuing to progress, with a planning application expected to be submitted in spring 2027. The project is expected to transform one of London’s most strategically important transport hubs into a vibrant mixed-use destination combining homes, commercial space, public realm and enhanced transport connectivity.
The partnership’s ambitions extend well beyond the initial three developments. Birmingham Smithfield and Thamesmead Waterfront are expected to join the venture later this year, expanding the overall programme to approximately 27,500 new homes and almost 10 million sq ft of commercial floorspace. Infrastructure works at Birmingham Smithfield are due to begin later this year, with temporary markets opening in early 2027 before construction of the first residential buildings commences.
To support delivery, Lendlease and The Crown Estate have established a dedicated development management company responsible for coordinating the complex, multi-phase projects and ensuring consistent standards across the growing portfolio.
Andrea Ruckstuhl, Managing Director of Development for UK and Italy at Lendlease, described the launch of the Impact Partnership Joint Venture as a major milestone that creates a long-term platform capable of unlocking some of the UK’s most important regeneration opportunities while delivering lasting value for investors and communities.
Dan Labbad, Chief Executive of The Crown Estate, said the partnership would accelerate the delivery of complex regeneration projects while creating a scalable platform capable of bringing forward future housing and commercial developments across the country.
For the construction industry, the creation of the Impact Partnership Joint Venture represents a substantial long-term pipeline of opportunities across civil engineering, infrastructure, residential construction, commercial development, sustainability, building services and public realm delivery. As work progresses over the coming decade, the programme is expected to play a significant role in supporting employment, investment and economic growth while delivering high-quality, sustainable places for future generations.
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