They will work together on the planning and delivery of 11,500 homes.

The joint venture partners also took the opportunity to call for a funding decision of a new cross-river extension of the Docklands Light Railway to Thamesmead.

This is critical to unlocking the full 250-acre scheme, which is the single largest development in Peabody’s 150-year history.

Transport for London has still to confirm whether it will fund the extension. As a result, work is not expected to begin before 2025 on housing.

The vast site includes 2.5km of river frontage, as well as an abundance of green space and two lakes

Peabody chief executive Brendan Sarsfield said: “A new DLR crossing from east London would allow this long-term partnership to create a new waterfront district with thousands of new affordable homes and a new leisure, cultural and commercial offer for the town, for London, and for the wider Thames Estuary.

“This would unlock huge benefits for existing and new communities, boosting the economy and providing huge opportunities for London and the UK.”

Neil Martin, CEO at Lendlease Europe, said:  “The breadth of opportunity and economic potential that this scheme offers Thamesmead and London, is enormous.

“Thousands of new homes and jobs can be created, but key to its successful delivery is improving connections for existing and current residents and businesses. Doing so would open up this area of London to new audiences and improve the opportunities for those already living there.

“Improving transport links is a vital part of the long-term regeneration of the area, as it will bring those new homes within reach of the heart of London and help us deliver one of the most exciting new places to live in the capital.”