Lendlease Is On A Helluva Run In London
Developer Lendlease is in the middle of a winning streak that could see its London portfolio expand in value by between £5B and £10B.
The firm has been picked to develop or is in the process of being picked to develop a number of huge commercial and residential schemes across the capital, which will make it one of London's largest developers.
Last week Bloomberg reported Lendlease had teamed up with Starwood to buy the 62-acre Silvertown Quays mixed-use development site in East London from a joint venture between Macquarie, Chelsfield and First Base. The project could have an end value of as much as £3.5B.
Also last week Estates Gazette reported Lendlease was one of the final two parties shortlisted to be the private-sector partner of housing association Peabody for its £4B, 11,500-home Thamesmead Waterside development in South East London. It is fighting it out with Morgan Sindall to win the mandate.
Earlier this year it was picked as the preferred developer for the £4B redevelopment of Euston station, one of the last great transport-led development sites in Central London.
It will now draw up a master plan for the 133-acre site, which can incorporate 4.8M SF of development including 1,700 homes.
On top of this, in January it struck an agreement with Canada Pension Plan Investment Board to build up a £1.5B build-to-rent portfolio in London.
It has not all been plain sailing for Lendlease — the future of its £2B housing joint venture with Haringey Council in North London is open to question due to political infighting at the council.
The centrepiece of its existing portfolio is the International Quarter office and residential scheme at the Olympic Park in Stratford.