Our Roadmap to 2030SWM Supporting Member The Crown Estate has signed a £24bn joint venture with Lendlease to unlock tens of thousands of homes and millions of square feet of commercial space across six major sites in London and Birmingham.
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.
The Smithfield area is the site earmarked for the majority of regeneration in Birmingham.
