London’s oldest housing charity, Peabody, has selected Lendlease as Preferred Bidder for the £8 billion (US$ 10.3 billion), 11,500 home, Thamesmead Waterfront development in southeast London.

Lendlease will work with Peabody in a corporate joint venture (JV) to masterplan and deliver the mammoth 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 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 were assisted in the procurement of a partner by Avison Young (lead commercial advisers) and Bevan Brittan (legal advisers).