en.Wedoany.com Reported - Lendlease and The Crown Estate have formally signed an agreement to establish a development partnership called the "Impact Partner Joint Venture," which will deliver housing, science, innovation, and commercial space in the UK, with an estimated total development value of £24 billion. The partnership covers the iconic Smithfield project in Birmingham.
Under the agreement, the two parties will jointly establish a development management company, co-owned by both institutions, responsible for overseeing all development projects. The first phase of the joint venture will integrate three major redevelopment projects: Euston, Silvertown, and Stratford Cross, ultimately delivering approximately 9,000 homes and new commercial space. Construction plans are set to begin almost immediately, with the 60-acre Silvertown development zone starting construction of 326 affordable homes in September, while the Euston project plans to submit a planning application in spring 2027.
The second phase is expected to incorporate Birmingham's Smithfield and London's Thamesmead Waterfront into the joint venture by late summer this year. These two projects will create an additional 18,500 homes and 2.88 million square feet of commercial space. Major infrastructure works at Smithfield are expected to commence later this year, with construction of the temporary market beginning in early next year, and the first residential building planned to start in late 2027.
Andrea Ruckstuhl, Managing Director of Development for Lendlease in the UK and Italy, stated that the launch of the Impact Partner joint venture fund and the creation of the new development management platform mark a significant milestone for the UK business. Together with The Crown Estate, they have established a long-term vehicle to unlock some of the UK's most important redevelopment opportunities. Dan Labbad, Chief Executive Officer of The Crown Estate, said this is an important step in realizing shared ambitions, and the new co-owned development management company will give both parties greater control over the future development of these sites and enable exploration of delivering more housing and commercial space nationwide.
Investment Minister Lord Stockwood noted that this £24 billion investment will not only boost the real estate sector but also support local communities by providing thousands of new affordable homes, and pave the way for new high-tech workspaces and laboratories. Councillor Roger Harmer, Leader of Birmingham City Council, added that the partnership will bring lasting benefits to Birmingham by delivering new housing, jobs, and opportunities on a large scale, with Smithfield set to be at the heart of Birmingham's future growth.
