The Crown Estate and Lendlease have completed their long-awaited £24B UK development partnership, formally launching a joint venture that will oversee some of the country's largest regeneration projects and create a new development platform designed to accelerate the delivery of housing, life sciences and commercial space.

The partnership, known as the Impact Partnership Joint Venture, will initially bring together three major regeneration schemes at Euston, Silvertown and Stratford Cross, with a combined pipeline of up to 9,000 homes and more than 7M SF of commercial space.

Construction activity is set to begin with work on 326 affordable homes at Silvertown due to start in September and a planning application for the Euston scheme expected in spring 2027.

Alongside the JV, the companies are establishing a jointly owned development management company that will oversee delivery of the projects and potentially manage future developments nationally.

A second phase of the partnership, first announced last year, is expected later this summer, when Smithfield Birmingham and Thamesmead Waterfront in London are added to the portfolio. Those schemes would contribute a further 18,500 homes and 2.88M SF of commercial space.

Infrastructure works at Smithfield are expected to begin later this year, with temporary markets scheduled to be delivered early next year and construction of the first residential block planned to start in 2027.

Across the five developments, the partners said the platform is intended to unlock complex urban regeneration sites, speed up delivery and attract additional institutional and private investment into projects that support economic growth.

"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,” Lendlease Managing Director of Development for the UK and Italy Andrea Ruckstuhl said in a statement.

"Through the conditional period, we have already made great progress. The new jointly owned development management company will give us greater control over the future development of these sites and, in the longer-term, will allow us to explore the delivery of more housing and commercial space up and down the country,” The Crown Estate Chief Executive Dan Labbad added.