Lendlease, Peabody form JV for £8bn development in London

Lendlease, Peabody form JV for £8bn development in London
Thamesmead Waterfront Image:Courtesy of Peabody

The Peabody Group, a major housing association which owns and manages around 66,000 homes in London and the South East, and international property and infrastructure group Lendlease have formed a joint venture partnership to deliver a c.£8bn development at Thamesmead Waterfront in South-East London.

Lendlease and Peabody confirmed that they have formed the 50:50 joint venture company to work together on the planning and delivery of this transformational scheme, which will deliver a minimum of 11,500 homes in South-East London.

”This is the single largest development in our 157-year history,” said Peabody in a statement.

Thamesmead is a town in South-East London and is the same size as central London. The area measures around 760 hectares. Peabody owns around 65% of the land.

”Our focus will now be on working alongside the community on a project that will revitalise the existing Thamesmead town centre, creating new cultural, community and commercial space, along with many new homes,” said Peabody in the statement.

Much of the site is currently undeveloped and underpopulated. It includes 2.5km of river frontage, as well as an abundance of green space and two lakes.

“Thamesmead Waterfront represents an historic opportunity to transform an isolated and underutilised riverside location in London. 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,” said Brendan Sarsfield, Peabody Chief Executive.

“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,” said Neil Martin, CEO at Lendlease, Europe.

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