The new vehicle, branded the Impact Partnership Joint Venture, will initially take control of the Euston, Silvertown and Stratford Cross regeneration schemes, with a dedicated development management company established to oversee delivery.

Together the first three projects will provide around 9,000 homes and more than 7m sq ft of commercial, science and innovation space.

Work will move quickly, with construction due to start in September on 326 affordable homes at the 60-acre Silvertown development in East London.

At the Euston station redevelopment, a planning application is targeted for spring 2027.

The partners also confirmed Birmingham Smithfield and Thamesmead Waterfront are expected to join the venture later this summer, expanding the pipeline to around 27,500 homes and almost 10m sq ft of commercial floorspace.

Infrastructure work at Smithfield is due to start later this year, with temporary markets beginning early next year ahead of the first residential block starting in 2027.

Lendlease managing director, development UK and Italy, Andrea Ruckstuhl said: “The commencement of the Impact Partnership Joint Venture Fund and creation of a new Development Management platform marks a major milestone for our UK business.

“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.”

The Crown Estate chief executive Dan Labbad said the partnership would accelerate delivery of complex regeneration schemes while creating a platform capable of bringing forward future housing and commercial developments across the country.