A partnership between the Crown Estate and Lendlease has been agreed, which is set to unlock 26,000 new homes as well as science innovation hubs. 

The investment partnership, which is worth £24bn, also includes plans to build vast new office space and labs, which will create 100,000 new jobs across the country.

The deal will see one-third of the 26,000 homes allocated to affordable housing and support the government’s aim to build 1.5 million new homes by 2029.

The joint venture allows The Crown Estate to invest in Lendlease’s undeveloped UK land and land management portfolio.

This will provide support on existing projects, help to transform the UK’s science, tech and innovation sectors and deliver new housing.

Locations for office and housing development include around Euston Station, Silvertown and Thamesmead Waterfront in London, as well as Smithfield in Birmingham. 

Chancellor Rachel Reeves says: “We are pulling every lever to grow our economy so we can put more money in people’s pockets, boost home ownership and make Britain a global hub for life sciences through our Plan for Change.”

“This includes creating the right environment for organisations like The Crown Estate and Lendlease to partner, helping us to unlock capital to get Britain building and get Britain growing.”

Group chief executive officer Lendlease Tony Lombardo adds: “This landmark partnership between our two organisations will combine our shared expertise in delivering city shaping precincts and creating long-term benefits for communities.”

“As master developer, we look forward to working with The Crown Estate to unlock value within our UK development portfolio, for partners, government clients and our securityholders.”