The deal between the King’s property company and the Australian giant will create a joint venture to also ‘accelerate planning and project delivery’ at Birmingham’s Smithfield Market, at Silvertown Quays in London’s Royal Docks, at Thamesmead Waterside, along the High Road West next to Tottenham Hotspur’s new ground, and at Stratford Cross.
Talking on Radio 4 this morning (19 May), Crown Estate chief executive and former Lendlease big-hitter Dan Labbad said the Euston scheme would focus on delivering ‘housing and life science’ spaces.
In total the joint venture could create up to 26,000 new homes and 900,000m² of offices and laboratories across the six sites through the an ‘industry-leading alliance with deep sector experience in delivering sustainable, city-shaping projects’.
Lendlease, as master developer on the HS2 terminal project for Network Rail, worked with a number of different architects, including ACME and Grimshaw, since taking on the 24ha redevelopment above and around Euston in 2018.
However, it has not been confirmed who is now overseeing the plans. In December, Lendlease told the AJ it was ‘in the process of appointing an architect’ for a major life sciences-led overhaul of Euston Station
At the end of last year Network Rail’s development and construction director Robin Dobson said the transport operator’s intentions were to make Euston a life sciences-led masterplan.
Dobson said Network Rail aimed to ‘deliver infrastructure for future generations’ around the station, insisting there was a ‘huge opportunity around life sciences at Euston’.
Work on the HS2 terminus project was paused in March 2023, to allow time to work out a new design, which could keep to the original budget, after costs on the project kept spiralling.
Chancellor Rachel Reeves confirmed in October’s budget that HS2 trains would run to Euston and pledged government funding to begin tunnelling work from Old Oak Common in west London to the Euston terminus, although no new money was announced for the station itself.
The Crown Estate is one of the UK’s largest landlowners and manages £16 billion-worth of both rural and urban land and property around England, Wales and Northern Ireland. Its profits are paid to the treasury and in 2024 it reported making £1.1 billion for the public finances.
Speaking about the Lendlease deal, Labbad, said: ‘With strong support from local and national government, we look forward to working with Lendlease and others to realise the potential of these projects to create jobs, stimulate growth and positively impact lives, while also generating income for the UK.’
He added: ‘As a country, we face challenges to unlock 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.’
Source:Lendlease
Lendlease’s approved masterplan for Smithfield Birmingham