Crown Estate strikes deal to redevelop Smithfield

The Crown Estate has struck a deal with Australian developer Lendlease to back major projects, including the £1.8bn Smithfield redevelopment in Birmingham.

King Charles's property company has agreed to take a 50% stake in the new joint venture that also oversees five development schemes in London.

The news was welcomed by the government, which said the move would unlock housing and science innovation hubs across the UK worth £24bn.

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."

"This includes creating the right environment for organisations like The Crown Estate and Lendlease to partner, helping us to unlock capital to get Britain building and get Britain growing," she said.

The portfolio includes the development of the Smithfield site, which aims to create more than 3,000 homes.

It also includes a 60-acre transformation of the space above and around Euston station in London. There are plans for 2,000 apartments, cafes, shops and leisure facilities.

Other major schemes include the 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.

It is estimated the six projects have a combined value of up to £24bn 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 £16bn portfolio of property that spans the country, including London's West End.

Profits are partly used to fund the work of the monarchy.

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