Peabody has selected Lendlease as its preferred bidder for the £8bn Thamesmead waterfront mixed-use development in south London.
Subject to contracts being finalised, Lendlease will work with Peabody in a corporate joint venture to deliver the scheme, which includes 11,500 homes, over the next 30 years.
In March 2018, Lendlease and Morgan Sindall were confirmed as the two firms left in the race, with an announcement today confirming the former had won.
Work will be completed on a 100 ha site, which includes 2.5 km of undeveloped river frontage, and includes canals, lakes and a nearby shopping centre, a statement from Peabody said.
The new waterfront district will be based around a planned new Docklands Light Railway (DLR) station.
The project will also include work to the existing Thamesmead town centre through the creation of new cultural, community and commercial spaces.
Peabody chief executive Brendan Sarsfield called the project a “gamechanger for this part of London”.
He added: “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.”
Lendlease chief executive Dan Labbad said the development will allow Thamesmead to “offer a fresh approach to living in London. Surrounded by water and outstanding wildlife, but within reach of the heart of the capital”.
Further details about the JV will be announced this summer.
This announcement is the latest phase of Thamesmead’s regeneration.