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Lendlease, Morgan Sindall Vie for $7bn London Regeneration Project

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ASX-listed heavyweight Lendlease has been named as one of two development groups competing for the £4 billion ($7.11bn) Thamesmead Waterfront project in London.

Either Lendlease or the UK’s Morgan Sindall Group will partner with British Housing Association Peabody to support the 11,500-home Waterfront phase of the Thamesmead precinct.

Peabody’s mixed-use scheme on the Thames near Woolwich in south London is the largest in its 156-year history and includes plans for one million square feet of town centre commercial and leisure space. The site has 2.5 kilometres of undeveloped river front land.

A crucial part of the plans is the extension of the Docklands Light Railway across the river from Newham to Thamesmead.

Related reading: Lendlease Wins $7bn London Euston Project

Peabody became the major landowner of the site in 2014 which has the potential to have 20,000 new homes.

“This is another step closer to achieving our vision for Thamesmead Waterfront. Both Lendlease and Morgan Sindall 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,” Peabody executive director for Thamesmead John Lewis said.

“This is the largest scheme in Peabody’s long history and will form a major part of London’s growth over the next decade.”

“With the proposed DLR extension we have the opportunity to build 11,500 new homes, thousands of new jobs and a new cultural, commercial and leisure offer for Thamesmead and for London,” Lewis said.

Related reading: Lendlease Submit New Proposal for Former Channel Nine Site

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A preferred bidder for the London new town job will be named this northern summer.

Lendlease last month was appointed to the Euston Station mixed-use redevelopment project, a $7 billion commitment, which will see the station provide high-speed rail services from London to the Midlands, the North and Scotland.

Lendlease and the Canada Pension Plan Investment Board have entered a $2.6 billion partnership to invest in the UK’s build-to-rent private rental sector.

The company has a strong focus on signature overseas projects.

Lendlease chief executive Steve McCann said in February as the company announced a $425.6 million profit that the addition of European projects delivered on the company’s stated object of diversifying to targeted international gateway cities.

If Lendlease is appointed to the Thamesmead regeneration project, it will bring the developer’s global urbanisation portfolio to 17.

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Article originally posted at: https://theurbandeveloper.com/articles/lendlease-make-the-final-two-for-7bn-london-regeneration-