The new vehicle, known as the Impact Partnership Joint Venture, will initially oversee the Euston, Silvertown and Stratford Cross regeneration schemes, supported by a dedicated development management company responsible for delivering the projects.
Collectively, the first three developments are expected to deliver around 9,000 new homes alongside more than 7 million sq ft of commercial, science and innovation space.
Construction will begin rapidly, with work scheduled to start in September on 326 affordable homes at the 60-acre Silvertown regeneration project in East London.
At the Euston station redevelopment, the partnership is targeting submission of a planning application in spring 2027 as the project progresses through the next stage of development.
The partners have also confirmed that the Birmingham Smithfield and Thamesmead Waterfront regeneration schemes are expected to join the joint venture later this summer, expanding the overall pipeline to approximately 27,500 homes and nearly 10 million sq ft of commercial floorspace.
Infrastructure works at Birmingham Smithfield are due to commence later this year, with temporary market facilities opening early next year ahead of construction beginning on the first residential building in 2027.
Lendlease managing director, development UK and Italy, Andrea Ruckstuhl said: “The commencement of the Impact Partnership Joint Venture Fund and creation of a new Development Management platform marks a major milestone for our UK business.
“Together with The Crown Estate, we’ve established a long-term vehicle to unlock some of the UK’s most important regeneration opportunities with a shared commitment to creating places that deliver lasting value for investors and communities.”
The Crown Estate Chief Executive Dan Labbad said the new partnership would accelerate the delivery of complex regeneration projects while creating a long-term platform capable of bringing forward future housing, commercial and mixed-use developments across the UK.