The vast £3.5bn new town riverside development will also include retail, commercial, leisure and educational facilities as part of the comprehensive redevelopment of North Thamesmead.

Its partner will enter into a mobilisation and implementation agreement to work in partnership with Peabody to provide services to refine, develop and finalise business plans masterplanning and a delivery programme.

This M&I Phase is expected to run for two years with flexibility to agree to commence the JV Phase earlier or to postpone it depending on market conditions.

John Lewis, Executive Director for Thamesmead said: “These are really exciting times for London’s new town, Thamesmead. The opening of Crossrail in 2018 and the planned DLR extension from Gallions Reach to North Thamesmead in 2026 will enable the comprehensive regeneration of the Town.

“Unrivalled in both scale and space, the Thamesmead Waterfront scheme offers a unique opportunity for Peabody to work with a strategic partner to deliver a new community, benefitting both new and existing residents of Thamesmead for years to come.”