Peabody selects partner for 11,500 home development on the banks of the Thames
One of the largest regeneration projects in Europe moves a step closer
Thousands of new homes and jobs to be created in south-east London
Peabody has selected Lendlease as Preferred Bidder for the £8bn, 11,500 home, Thamesmead Waterfront development.
The move means that, subject to contracts being finalised, Lendlease will work with Peabody in a corporate joint venture to masterplan and deliver the scheme over the next 30 years. The details of the new JV vehicle will be finalised by Summer 2019.
The 250-acre site is currently undeveloped and underpopulated. It benefits from 2.5km of undeveloped river frontage, with an abundance of green space, open grassed and wooded areas, canals, two major lakes and an existing town centre.
The Peabody and Lendlease plans would see a new waterfront district of 11,500 new homes, focussed around a proposed new DLR station in the heart of the development. Mayor of London, Sadiq Khan instructed TfL in 2017 to carry out detailed work on a DLR crossing connecting east and south-east London.
The project will also rejuvenate the existing town centre, creating 1m sq ft of new cultural, community and commercial spaces for Thamesmead and for London.
Peabody Chief Executive Brendan Sarsfield 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, CEO at Lendlease, Europe, said: “As one of London’s largest areas of opportunity to develop new housing and to support business and employment growth, Thamesmead can offer a fresh approach to living in London. Surrounded by water and outstanding wildlife, but within reach of the heart of the capital, we are excited at the opportunity to collaborate with Peabody, the local community and businesses, to bring new high-quality homes and workspaces to this exciting part of south-east London.”
This announcement is the latest phase of Thamesmead’s regeneration. In addition to widespread refurbishment, socio-economic and cultural development, and public realm improvements, the “whole-place” regeneration of the town could deliver 20,000 new homes for London. It is being delivered by Peabody, with development partners, alongside the London Borough of Bexley, Royal Borough of Greenwich, Greater London Authority and Transport for London.