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The firm expects to offload its UK construction arm within the next 18 months and said it was already well advanced on plans to sell the US construction operation.

Lendlease will also offload its portfolio of nearly a dozen development projects in London, Birmingham and Manchester.

The dramatic plan to simplify and restructure the global development and construction business comes after a disappointing four years, which has seen Lendlease’s stock fall by around half.

Group chief executive Tony Lombardo said that Lendlease would realise A$4.5bn (£2.3bn) from the sale of international construction and early release of global property assets.

The sale of international construction will impact 1,400 staff, while the exit from property assets should raise A$2.8bn (£1.5bn).

Lombardo said: “During the next 18 months our focus will be on divesting the international construction operation to focus on our most profitable home market, Australia.

“We have largely exited our Asian construction business through the establishment of the life science JV.  And we are already well progressed on the divestment of our US construction business.

“In the UK, we are in the early stages of preparing the business for sale in an improving market with a strong backlog and preferred work book of more than A$5bn (£2.6bn).

“Finally we have commenced to release A$2.4bn (£1.25bn) of capital from our international development projects, partially offset by forecast expenditure of A$700m (£365m) for engineering and UK building remediation work, resulting in a net A$1.7bn (£900m) in capital release.

“This acceleration will focus on three key areas. First, we will look to sell land and inventory held on the balance sheet.

“Second for our land management agreements, we are the master developer and will work with our partners to realise value and accelerate the release of capital through either bringing in new partners or land sales.

“Thirdly on eight projects we have commenced as a capital partner, we will take projects through to completion and then divest.”

Lendlease has set up a new Capital Release Unit to strategically maximise embedded value through accelerated recycling of capital and divestment of international construction.

This will be under the direct control of Lombardo and will also see out under-construction development projects like Stratford in East London.

Lendlease said the sell-off plan would see non-cash writedowns of around £260m relating to goodwill attached to the US and UK construction businesses from the Bovis acquisition in 1999.

Latest accounts for Lendlease Europe, which largely represents the UK, revealed construction revenue fell 17% to £380m with EBITDA up from £2m to £5.6m in the year to June 2023.

The pre-tax figure stood at a loss of £124m, due to additional building safety writedowns. Overall the headcount stands at just over 1,200 staff with around two-thirds involved with construction.

One city analyst said: “To a degree Lendlease Construction in the UK looks like an in-house contractor for the development business. So it begs the questions who would buy the business at present.

“Lendlease say they are confident they can find a buyer but at what price without the development pipeline.”

The Hastings Road scheme will transform the underutilised retail site into a mixed-use development with student rooms, communal and commercial spaces.

The project will be delivered using Tide’s precision-manufacturing volumetric units, which help to reduce construction programmes by up to 50% while also cutting embodied carbon.

The volumetric units are built in controlled factory settings by Tide’s sister company, Vision Volumetric.

The development has been designed around an external courtyard space at the heart of the site to complement students’ lifestyles.

Additionally, residents will benefit from the scheme’s extensive and thoughtful amenity spaces, designed to ensure a welcoming and nurturing living environment for students. The plans also feature a biodiverse roof and photovoltaic panels, which add to the project’s environmental benefits.

Helen McManus, Head of Planning at Tide, said: “We look forward to breaking ground on Hastings Road and contributing to West Ealing’s vibrant urban fabric.

“This exciting project marks a significant new addition to Tide’s portfolio of student accommodation projects, and seeks to be an exemplar of student development, with high-quality living conditions and generous internal and external amenity space.”

As a former industrial shipping site, Albert and Swedish Wharves, will be improved and retained with new logistics warehouses below high-rise house blocks overlooking the Thames.

Developer Henley Investment Management can now demolish warehouse buildings on the site to make way for the mixed-used scheme of seven buildings rising from 6-20 storeys.

As part of the wider works to the site, the developer plans to introduce a new jetty for waterborne cargo, and construct a new section of Thames Path from Wandsworth Bridge to Fulham Wharf for the first time.

The site is located between Wandsworth Bridge and a Cemex batching plant

The project including £6m of enabling and jetty works is expected to cost around £150m to build.

Hattie Charlier-Poole, Development Manager at Henley Investment Management, said: “We have worked collaboratively with Hammersmith and Fulham on this mixed-use riverfront scheme, which will deliver much-needed housing, including 35% affordable.

“In conjunction with the Port of London Authority, this scheme will reactivate the site for its safeguarded use as a wharf, offering sustainable river transport of goods as one of its many sustainability benefits.”

Scheme development value is estimated at £220m

The client team consists of: Buro Four (project manager), EPR Architects, Hilson Moran (MEP), WSP (structural and civil), Alinea Consulting (cost consultant).

The 100 Avenue Road site above Swiss Cottage tube station was being developed by Essential Living to deliver 184 homes, including a landmark 24-storey tower.

But work stalled at the foundations level due to soaring costs and a dispute with the council over affordable housing provisions.

Regal London said today that it was committed to delivering this long-standing project efficiently and at pace, along the lines of the existing planning consent.

Before work can restart the Camden-based developer will seek amendments to the existing permission, in line with the latest fire safety requirements, the amendments include a second staircase.

A revised construction management plan drawing on Regal London’s extensive experience in delivering complex developments will support the amendments.

Regal London has strong relationships with Camden and has worked on multiple schemes across the borough including the recent submitted proposals for 100 Chalk Farm Road and the recent announcement of their continued partnership with 4C Group on Jamestown Road.

Marc Eden, investment director, said: “As a business with its roots and heritage in Camden, Regal London is committed to bringing to bear our local knowledge and passion to delivering 100 Avenue Road.

“Our reputation is built on delivery, which is particularly important for projects such as this one that have been stalled for a significant period.”

Robbie Myerson, Co-CEO of Essential Living said: “We are pleased to conclude the sale to Regal London and finally see this site delivered. This will allow Essential Living to recycle capital and focus on the growth of its inner London PRS investment strategy.”

Launching detailed plans for phase one, the Earls Court Development Company confirmed plans would be lodged this summer for phase one.

This will consist of major infrastructure works for the site and over 1,000 homes, the first cultural and commercial buildings, and the park.

Planned Table Park at Earls Court

Rob Heasman, CEO of ECDC, said: “Forging a new piece of city that is inclusive, climate resilient and brimming with opportunity is a great privilege.

In 2021, we shared a new vision to bring the wonder back to Earls Court, to ensure our plans for the future create unforgettable experiences, as in the past.

“Our plans have progressed and benefitted from continued open dialogue with a broad spectrum of community groups and stakeholders, as we bring forward a new piece of city that will have wide-reaching benefits for London.

There is no other central London site like this; this is our chance to build sustainably and innovatively for the future, ensuring that Earls Court is a place to discover wonder for generations to come.”

An international real estate consortium led by Native Land is behind the £3bn Bankside Yards scheme where the latest high-rise, currently known as Building 2, will be 50-storeys containing 250 apartments.

Mutliplex has already worked on other parts of the scheme including completing the ground works and delivering the development’s flagship office building.

Construction work on Building 2 is due for completion in late 2026. Keltbray is is the specialist sub-contractor for the building frame with Scheldebouw as façade contractor. Further subcontract packages have yet to be awarded.

Building 2 is the tallest in the planned Bankside Yards scheme

Alasdair Nicholls, Chief Executive of Native Land, said: “We are committing to the development of Building 2, to be named and launched to market in spring this year, when it is evident there will be little or no competing new-build product available in Central London, given the capital’s planning and funding challenges.

“Bankside Yards is a unique proposition for city centre living of unparalleled quality in London’s historic commercial and cultural core. The future residents of Building 2 will own and live in a world-class apartment building that embraces technology to provide a convenient, amenity-rich and environmentally conscious lifestyle, on a par with the very best residential developments in any global gateway city.”

Nicholls added: “Our confidence in commencing construction is founded on the demonstrable domestic and global appeal of Bankside Yards’ buildings and spaces. This is evidenced by the occupiers and operators who have already committed to the development, recognising our track record of delivering exciting, high-quality mixed-use destinations for London.”

Mandarin Oriental Hotel Group will open its third London hotel at Bankside Yards in 2028 – a 38-storey, 171-bed, 5-star hotel with 70 branded residences.

The scheme will transform the two-acre site by Wandsworth Bridge on the north bank of the Thames to provide a 55,000 sq ft logistics facility.

Cargo boats will bring goods up the River Thames to dock in the scheme’s newly operational ground-floor wharf, enabling them to be sustainably distributed across London. The planning application includes a new jetty to improve capacity for handling waterborne cargo.

Alongside an operational wharf, the site will be transformed into a cluster of six to 17-storey residential buildings with 276 apartments.

Ian Rickwood, Chief Executive, Henley Investment Management, said: “The redevelopment of Albert and Swedish Wharf is a truly unique opportunity to bring this site back into positive use.

“Not only does it provide much needed housing for London but also an operational wharf for last mile logistics, where demand remains high and having a site like this is incredibly rare.

“The River Thames has huge untapped potential for handling light freight and utilising the river more will help ease congestion and reduce pollution across London.

“This scheme is a prime example of how underused brownfield land can be repurposed to help meet housing need in London. The development will completely transform this part of the riverfront and the continuation of the Thames Path will create riverside access for new residents and the existing community.”

The plan will reinstate and create a permanent music venue in one half of the large former Printworks building, the other half will deliver next-generation sustainable workspace and retail, known as The Grand Press.

The designs, led by architects Hawkins\Brown, seek to maintain the building’s volume and character while creating a highly sustainable and modern cultural venue.

Planned interior of Printworks building

There are four key new cultural spaces planned at the new Printworks, which is scheduled to reopen in 2026:

• Printworks’ world-renowned Press Halls retained. The iconic space will be kept with the Press Halls remaining the focal point of the Printworks’ programme. Live music events, concerts, immersive art exhibitions and corporate events of similar capacity will be hosted here

• A brand-new rooftop leisure and cultural space. This new event space – complete with soaring views of London
• The Inkwells. A performance space dedicated to immersive exhibitions, multi-disciplinary art shows and more intimate music events
• A series of new suites with views of the Press Halls. These will offer versatile spaces for meetings, conferences, events, and corporate hospitality

Emma Cariaga, joint head of Canada Water at British Land, said: “We want to deliver a permanent world-class cultural venue at Printworks that builds on its globally acclaimed legacy.

“Combining the best of the capital’s culture with next-generation workspace at The Grand Press will create an unrivalled experiential destination, which generations will benefit from for years to come.

“Printworks had a tremendous impact on the UK’s cultural landscape, and its popularity over the past six years has demonstrated how important this multi-dimensional venue is to Londoners and visitors from all over the world who were drawn to its cutting-edge programming.”

Revised fire safety guidance required five of the proposed seven buildings on the Chapel Place site to be redesigned with a secondary means of escape.

The design tweak will see two storeys added to the tallest tower, bringing it to 36 storeys, while two other blocks will increase by one storey.

Overall this sees the number of flats raised by just over 20 to 860 units and student bedrooms raised by 20 to 467.

The Chapel Place scheme on a 4.82-acre Sainsbury’s site in Ilford will deliver more than 1,000 new homes, which will be a combination of build to rent, affordable housing and student accommodation.

Telford Homes also will provide 7,000 sq m of public realm, which will include the new park space and 3,668 sqm of play space for children.

Anne Kavanagh, chief executive officer at Telford Homes, said: “We are delighted to have received a unanimous revised resolution to grant planning consent for the Chapel Place development in Ilford.

“The site has been allocated for mixed-use development in the Redbridge Local Plan, which sets out the Council’s aim to deliver over 17,250 new homes, 5,000 jobs and vital community infrastructure across the borough.

“Chapel Place allows us to deliver a mixed tenure of quality housing and commercial space in response to the needs of the area, whilst significantly improving the public realm. We believe this opportunity has all of the characteristics to enable Telford Homes to deliver a best-in-class product in Ilford and to deliver on our commitment to building sustainable communities.”

The client team includes: architect HTA, MEP Consultant Cudd Bentley, structural and civils Ramboll and Fire consultant Elementa.

The £100m Hawthorne House project is located at Farthingale Walk and replaces the former office block Jubilee House, which has now been demolished.

When completed for the for the 2026/27 academic year, Hawthorne House will have 719 beds as well as a 65,000 sq ft sixth-form academy over eight floors below the student accommodation.

Unite Students is using a ‘fabric first’ approach, which means architect AHMM’s design of the building optimises the materials being used in its construction to give better energy efficiency, such as maximising air tightness and solar gain.

Unite Students is the capital’s largest student accommodation operator and is committed to adding more beds.

The building includes a 65,000 sq ft sixth form academy – the London Academy of Excellence