Housing association, Peabody, and property and infrastructure group, Lendlease, have formed a joint venture to deliver a £8bn development at Thamesmead Waterfront in south-east London
The development will create 11,500 homes and make a significant contribution to the economic regeneration of east London and the Thames Estuary.
Their focus will now be on working alongside the community to revitalise the existing Thamesmead town centre, creating new cultural, community and commercial space, along with many new homes.
Much of the site is currently undeveloped and underpopulated. It includes 2.5km of river frontage, as well as an abundance of green space and two lakes.
A new cross-river extension of the Docklands Light Railway to Thamesmead is critical in unlocking the full ambition of the scheme, and to enable the 250-acre development to achieve its full potential. This is the single largest development in Peabody’s 150-year history.
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.”
Neil Martin, CEO at Lendlease, Europe, added: “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.”
