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Peabody signs partnership deal for £8bn Thamesmead regeneration

Social landlord Peabody has signed a deal with international builder Lendlease to develop 11,500 homes in the western part of Thamesmead.

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The Thamesmead Estate in south-east London
The Thamesmead Estate in south-east London
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.@PeabodyLDN finds partner for £8bn Thamesmead regeneration #ukhousing

.@PeabodyLDN signs deal with @Lendleaseuk over £8bn Thamesmead regeneration project #ukhousing

The £8bn development in the south-east London new town is a 50-50 joint venture expected to deliver at least 35% affordable housing almost entirely on previously undeveloped land.

Peabody warned though that the project depends on the Docklands Light Railway (DLR) being extended south across the Thames, as Thamesmead lacks convenient links to central London.

The 101-hectare site covers an area with 2.5km of river frontage running from the end of Plumstead’s built-up area, around to Thamesmead town centre, which despite the name sits near the town’s north-west corner.

The project is also intended to revitalise this town centre, creating new cultural, community and commercial space.

Brendan Sarsfield, chief executive of Peabody, said: “Thamesmead Waterfront represents a 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.”


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Transport for London’s ‘improvements and projects’ webpage does not mention this extension but John Lewis, executive director for Thamesmead at Peabody, told Inside Housing: “We are confident since the mayor [of London] pledged two years ago to bring the DLR to Thamesmead and to look at the practicalities of that.

“There is a business case to extend to Thamesmead as our long-term plans would double the population. The DLR would be a tunnel under the Thames, not a bridge, and would be a spur off the Beckton line.”

There is also the possibility of a cross-river extension of the London Overground to serve the eastern side of Thamesmead.

Mr Lewis said Lendlease was appointed after a tender process that began two years ago to find “a partner in a 50-50 joint venture who would take the same long-term view we do towards housing, commercial opportunities and placemaking”. Morgan Sindall was the other final contender for this role.

He said it was too early to say what tenure mix would be used but noted that “our priority is affordable housing and planning policy at present is for at least 35% affordable”.

Neil Martin, chief executive of Lendlease Europe, said: “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.
“Improving transport links is a vital part of the long-term regeneration of the area, as it will bring those new homes within reach of the heart of London and help us deliver one of the most exciting new places to live in the capital.”

Development of Thamesmead was started by the former Greater London Council in the mid-1960s on 760 hectares of which Peabody now owns 65%. It has a population of 45,000.

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