Peabody has shortlisted Morgan Sindall and Lendlease for its £4bn redevelopment of Thamesmead Waterside, SE28.
The housing association has been searching for a private sector partner to help it bring forward 11,500 homes on the 250-acre site.
The site is the largest single chunk of Peabody’s proposed 20,000-home new town at Thamesmead, which spans two boroughs and includes multiple developments, refurbishments and partners. Peabody started searching for a partner last October.
Thamesmead Waterfront is one of the largest regeneration efforts in the country and the most valuable Thamesmead asset due to its size and one-and-a-half miles of river frontage.
Alongside the residential aspect, Peabody is looking for the joint venture partner to help it redevelop the 1m sq ft town centre and provide community investment and public realm improvements.
The scheme has already secured the extension of the Docklands Light Railway from Gallions Reach on the north side of the River Thames.
Thamesmead spans the same distance as central London – from Kings Cross to Charing Cross and Bond Street to Liverpool Street and due its size has been designated an opportunity area.
Peabody, which has assets worth a total £6bn, became the majority landowner in 2014 and has since brought forward master planning and various smaller sites with detailed consent. Berkeley is already in talks to buy the West Thamesmead Gateway site to the south west of the main development, which sits on the site of the first Arsenal FC stadium.
Alongside L&Q’s development of Barking Riverside, which faces it from the north side of the Thames, it will make a major contribution to the changing face of East London.
John Lewis, executive director Thamesmead at Peabody, said: “Both Lendlease and Morgan Sindall Group have an excellent track record of developing great places at scale, and we are confident that their proposals in the next stage will reflect the unique setting of this opportunity.
“This is the largest scheme in Peabody’s long history and will form a major part of London’s growth over the next decade.”
Peabody has also announced a major refurbishment of existing homes on the other side of Thamesmead – investing £40m over 18 months in upgrading windows in 19 towers and improving energy efficiency on the South Thamesmead estate.
GVA has been advising Peabody in the procurement process. A preferred bidder will be announced in summer 2018.
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