The developer behind one of Birmingham's most eagerly anticipated regeneration projects has signed a new joint venture to progress the scheme.
Lendlease has teamed up with The Crown Estate for the 50/50 partnership which will now lead the £1.9 billion, 42-acre Smithfield project.
The move comes after Lendlease announced in January that it had sold its º£½ÇÊÓƵ construction arm to US private equity firm Atlas as part of wider plans to focus on projects in its native Australia.
Smithfield will be housed on the city council-owned site of the former Birmingham Wholesale Markets off Upper Dean Street near the Bullring.
The long-term vision includes more than 3,000 houses, leisure space, retail and other commercial units, and cultural attractions which it is estimated could create 9,000 jobs.
The new JV also includes five undeveloped land sites in London.
The partners said the portfolio had the capacity to deliver more than ten million square feet of workspace, at least 100,000 jobs and around 26,000 new homes as part of a development programme potentially worth £24 billion.
Lendlease will continue to act as the development manager across the six projects.
Chief executive Tony Lombardo said: "Our partnership with The Crown Estate will create an industry leading alliance that is expected to unlock value within our high-quality º£½ÇÊÓƵ development portfolio while accelerating the release of capital for the Group.
"With our expertise in delivering city shaping urban regeneration projects, the joint venture aims to deliver positive outcomes for our securityholders, communities and partners."
Crown estate chief executive Dan Labbad added: "With strong support from local and national government, we look forward to working with Lendlease and others to realise the potential of these projects to create jobs, stimulate growth and positively impact lives while also generating income for the º£½ÇÊÓƵ.
"As a country, we face challenges to unlocking growth. To support this, we need to spark investment in sectors like science, technology, and housing, alongside deep collaboration across communities, government and the private sector.
"This joint venture is an example of how The Crown Estate is harnessing its mandate to act in the º£½ÇÊÓƵ's long-term national interest, supported by new investment powers, and stepping up its ambition to support inclusive growth for the nation."
The Crown Estate is a portfolio of lands and holdings in the º£½ÇÊÓƵ belonging to the British monarch valued at £16 billion, including development opportunities and urban centres.
