Australian developer Lendlease has expanded its London footprint after winning a major £8 billion ($14.4 billion) contract to develop a 250-acre London site, one of the largest urban regeneration projects in Europe.
London’s oldest housing charity Peabody selected the ASX-listed developer for the 11500 home Thamesmead Waterfront development located in London’s southeast.
Thamesmead mainly consists of social housing built from the mid-1960s and sits on the south bank of the River Thames.
Lendlease will work with Peabody in a joint venture to masterplan and deliver the development, which will span 250-acres, over the next 30 years.
Peabody became a major landowner in Thamesmead in 2014, and is investing in a mixture of refurbishment and redevelopment proposals across the town.
Lendlease, which last year said projects in its European markets made up more than half its global development pipeline, is already behind major mixed-use regeneration projects in London, such as Elephant Park and International Quarter London.
The Thamesmead development site, which is currently undeveloped and underpopulated, also spans 2.5 kilometres of undeveloped river frontage.
The Peabody and Lendlease plans would see a new waterfront district of 11,500 new homes, centred around a new Docklands Light Rail (DLR) station in the heart of the development.
The announcement is the latest phase of Thamesmead’s regeneration, which could deliver 20,000 new homes for London when complete.
The regeneration project is one of the largest in Europe, with the town spanning the same distance as central London, from Kings Cross to Charing Cross and Bond Street to Liverpool Street.
Peabody was founded in 1862 by American banker and philanthropist George Peabody.
The organisation owns and manages more than 56,000 homes, delivering affordable housing for around 111,000 people.