The deal was struck by Crown Estate chief executive Dan Labbad – the former global head of Lendlease Construction – and his old firm’s current group CEO Tony Lombardo.

Lendlease will continue as development manager across the sites, while The Crown Estate brings new financial firepower and long-term investment backing following fresh borrowing powers granted under the Crown Estate Act 2025.

The 50/50 partnership marks one of the biggest regeneration alliances in years with potential to deliver over 26,000 homes, 100,000 jobs, and 10m sq ft of employment space.

The partnership feeds into The Crown Estate’s wider £1.5bn push into science, innovation and tech sectors.

Combined with its existing pipeline, the tie-up could deliver up to 56,000 homes and 19m sq ft of workspace, with a total Gross Development Value of around £44bn.

Labbad said: “As a country, we face challenges to unlocking growth. To support this, we need to spark investment in sectors like science, technology, and housing, alongside deep collaboration across communities, government, and the private sector.

“This joint venture is an example of how The Crown Estate is harnessing its mandate to act in the UK’s long-term national interest, supported by new investment powers, and stepping up its ambition to support inclusive growth for the nation.”

Tony Lombardo, Group CEO of Lendlease, said: “Our partnership with The Crown Estate will create an industry leading alliance that is expected to unlock value within our high-quality UK development portfolio, while accelerating the release of capital for the Group.

“With our expertise in delivering city shaping urban regeneration projects, the joint venture aims to deliver positive outcomes for our securityholders, communities and partners.”

Chancellor Rachel Reeves said the JV showed how private sector partnerships could “unlock capital, get Britain building and grow the economy.”