A joint venture between Lendlease and US property giant Starwood has taken over as development partner on the £3.5bn Silvertown Quays development.
The two firms have acquired a stake of the project’s current development partners Chelsfied Properties and First Base whose JV had been working with the Greater London Authority in its Silvertown Partnership development vehicle.
The contact value is listed on the electronic tendering platform TED as £1.2bn.
Lendlease chief executive officer of international operations Dan Labbad said: “Working in partnership, we plan to create a place that’s innovative and environmentally sustainable, and will provide tangible benefits for the local community for the long-term.”
Starwood Capital global head of real estate acquisitions Jeff Dishner said: “We believe in London’s long-term growth potential and are confident that the underlying value for this waterfront site will benefit from Crossrail connections and deliver a new gateway destination creating a strong visitor experience.
“Working with Lendlease, our vision is to invest significantly into the infrastructure around the site and create a completely new and creative neighbourhood that meets consumer demand, reinvigorates London’s East End and delivers for our investors.”
A spokesperson for the Mayor of London, said: “The Mayor is committed to ensuring regeneration of the Silvertown Quays site, which has the potential to deliver thousands of much-needed new homes, as part of the wider redevelopment of the Royal Docks.
”The Greater London Authority has a contract with The Silvertown Partnership (TSP) to develop the site and, under its terms, has considered alternative proposals when asked to do so by TSP.”
A Silvertown Partnership spokesperson said: “We are very proud of the success of The Silvertown Partnership in unlocking the potential of Silvertown to deliver much needed homes; including affordable homes and thousands of jobs for Londoners. That vision for Silvertown is now being delivered with the planning consent for 7m sq. ft. secured and Millennium Mills’ future safeguarded.
”We wish TSP and its new owners LendLease and Starwood the very best in continuing the regeneration of the area.”
Plans were first submitted for the transformation of Silvertown Quays at London’s Royal Docks back in 2014.
The scheme got the planning green light from the then London mayor Boris Johnson the following year.
Aecom landed a deal to deliver 3,000 modular homes as part of the project in April 2017.