Housing association Peabody has picked Lendlease as its partner for an £8bn, 11,500 home development on the banks of the Thames in southeast London.
The Thamesmead Waterfront scheme will develop over the next 30 years, with Lendlease working with Peabody in a corporate joint venture to masterplan and deliver it. The contractual details of the joint venture will be finalised in the summer 2019.
The 250-acre site has 2.5km of undeveloped river frontage, with grassed and wooded areas, canals, two lakes and an existing town centre. The development would be based around a Docklands Light Railway (DLR) station. In 2017 Sadiq Khan, the mayor of London, instructed Transport for London in 2017 to carry out detailed work on a DLR crossing connecting east and south-east London.
Brendan Sarsfield, Peabody’s chief executive, said: "We are pleased to have selected Lendlease as a development partner for Thamesmead Waterfront. 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, chief executive of Lendlease, Europe, said Thamesmead was surrounded by water and outstanding wildlife, but within reach of the heart of the capital.
The Peabody trust, founded by American banker and philanthropist George Peabody in 1862, owns and manages more than 56,000 homes, providing affordable housing for around 111,000 people. Peabody’s plans include delivering at least 2,500 new homes a year by 2021.
Image: An aerial view of Thamesmead (Kleon3 /CC BY-SA 4.0)