Peabody has chosen Lendlease to masterplan and develop the 11,500-home regeneration at Thamesmead Waterfront in south-east London.
The £8bn, 30-year project will see a new district built around a new DLR station on the 250-acre site.
Lendlease beat competition from Morgan Sindall to win the contract.
Housing association Peabody launched its hunt for a private sector partner in October 2017. The regeneration is one of the largest in the country, spanning two boroughs, with 20,000 homes proposed, multiple developments, refurbishments and partners.
Lendlease’s development will be the most valuable of the Thamesmead assets, due to its size and one-and-a-half miles of river frontage. It will also create 1m sq ft of new cultural, community and commercial space.
The housing association said it would finalise details of the joint venture vehicle by summer 2019.
Peabody chief executive Brendan Sarsfield said: “Our shared vision is to create thousands of new homes by the Thames and drive the local economy through new jobs and commercial spaces. With a new DLR river connection complementing the Elizabeth Line on the other side of town, Thamesmead would be more connected to the city than ever before. This would unlock enormous potential and could be a real game-changer for this part of London.”
Dan Labbad, CEO at Lendlease, Europe, said: “As one of London’s largest areas of opportunity to develop new housing and to support business and employment growth, Thamesmead can offer a fresh approach to living in London.
“Surrounded by water and outstanding wildlife, but within reach of the heart of the capital, we are excited at the opportunity to collaborate with Peabody, the local community and businesses, to bring new high-quality homes and workspaces to this exciting part of south-east London.”
Peabody, which has assets valued at £6bn, became the majority landowner in 2014 and has since brought forward masterplanning and various smaller sites with detailed consent.
Thamesmead spans the same distance as central London – from King’s Cross to Charing Cross and Bond Street to Liverpool Street – and has been designated an opportunity area.
GVA advised Peabody.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
