Crown Estate strikes deal to back London Euston redevelopment
The monarch's property company has agreed to take a 50% stake in the new joint venture, overseeing six development schemes in the capital and Birmingham.
This includes a 60-acre transformation of the space above and around Euston station, creating cafes, shops, leisure facilities and some 2,000 apartments.
Lendlease, which is working on a master plan for the development, has estimated it could cost 11.2 Australian dollars (£5.4 billion) and take until 2040 to complete.
The project has been marred by delays and uncertainties around the accompanying plans for HS2, which is expected to reach Euston despite the work being suspended.
The cost of building the high-speed railway between London and the West Midlands has been estimated to be around £80 billion.
The Crown Estate's joint venture with Lendlease means it will have a stake in four other major London schemes – development of the Silvertown waterside neighbourhood in east London, three land plots in Stratford Cross, the 11,500-home Thamesmead Waterfront project, and the High Road West scheme near Tottenham Hotspur's stadium.
The portfolio also includes the 3.7 billion Australian dollar (£1.8 billion) development of the Smithfield site in Birmingham, which aims to create more than 3,000 homes.
The firms estimate that the projects have a combined value of up to £24 billion, and have the potential to create about 100,000 jobs and 26,000 homes.
The Crown Estate is an independent company that belongs to the monarch for the duration of their reign, with a £16 billion portfolio of property that spans the country, including London's West End.
Profits are partly used to fund the work of the monarchy.
Chancellor of the Exchequer Rachel Reeves said: 'We are pulling every lever to grow our economy so we can put more money in people's pockets, boost home ownership and make Britain a global hub for life sciences through our plan for change.'
Crown Estate chief executive Dan Labbad said: 'With strong support from local and national government, we look forward to working with Lendlease and others to realise the potential of these projects to create jobs, stimulate growth and positively impact lives, while also generating income for the UK.'
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