Lendlease has signed an £8bn deal with housing association Peabody to undertake the £8bn development of Thamesmead Waterfront, in what will be one of the biggest regeneration projects in Europe.
The scheme will see the construction of 11,500 homes on the banks of the Thames in south east London, where the film A Clockwork Orange was filmed in 1970.
The two organisations have formed a 50:50 joint venture company to work together on the planning and delivery of the scheme.
The company will work alongside the community to revitalise the existing Thamesmead town centre, creating new cultural, community and commercial space, along with the new homes.
The site, which Lendlease said was “undeveloped and underpopulated” includes 2.5km of river frontage, as well as green space and two lakes. A new cross-river extension of the Docklands Light Railway to Thamesmead was “critical” to unlocking the full ambition of the 250-acre development, Lendlease said.
Neil Martin, CEO at Lendlease, Europe, said: “The breadth of opportunity and economic potential that this scheme offers Thamesmead and London, is enormous. Thousands of new homes and jobs can be created, but key to its successful delivery is improving connections for existing and current residents and businesses. Doing so would open up this area of London to new audiences and improve the opportunities for those already living there. “Improving transport links is a vital part of the long-term regeneration of the area, as it will bring those new homes within reach of the heart of London and help us deliver one of the most exciting new places to live in the capital.”
Peabody chief executive Brendan Sarsfield said: “Thamesmead Waterfront represents an historic opportunity to transform an isolated and underutilised riverside location in London. A new DLR crossing from east London would allow this long-term partnership to create a new waterfront district with thousands of new affordable homes and a new leisure, cultural and commercial offer for the town, for London, and for the wider Thames Estuary. This would unlock huge benefits for existing and new communities, boosting the economy and providing huge opportunities for London and the UK. The Waterfront, alongside Peabody’s regeneration of the wider area, can help Thamesmead become a sustainable new town – offering all of the benefits of urban living with unparalleled access to green open spaces by the Thames.”
