Birmingham’s long-awaited Smithfield redevelopment has taken a major leap forward as the Crown Estate has signed a landmark agreement with Australian developer Lendlease.
The £1.8bn regeneration project is set to transform a significant area of the city centre, creating more than 3,000 new homes and acting as a catalyst for economic growth across the West Midlands.
A new joint venture
The deal, announced this week, marks the Crown Estate’s entry into a new joint venture with Lendlease, covering six major projects across the UK – including five in London.
The partnership represents a 50% stake from King Charles’s property company and is expected to unlock up to £24bn in investment, with potential to deliver 26,000 homes and generate around 100,000 jobs nationally.
The Birmingham Smithfield site, located just south of the Bullring, is the largest scheme outside the capital included in the portfolio. Plans for the area have been in development for over a decade, with the council envisioning a new market district, public squares, green space, retail, and cultural facilities alongside housing.
Chancellor Rachel Reeves, welcoming the announcement, said: “We are pulling every lever to grow our economy… helping us to unlock capital to get Britain building and get Britain growing.” She added that partnerships like this are central to the government’s ambition to boost home ownership, support science hubs, and enhance urban infrastructure.
A site of historical and economic signifiicance
The Smithfield site holds historical and economic significance for Birmingham. Once home to the city’s wholesale markets, it has long been seen as a vital piece in the city’s regeneration puzzle. With the Crown Estate’s backing, the project now gains the financial certainty and strategic clout needed to move into delivery.
Other projects under the joint venture include the vast redevelopment around Euston Station, the Thamesmead Waterfront scheme in south-east London, Silvertown in East London, and High Road West near Tottenham. These schemes align with national goals for urban renewal, sustainability, and housing expansion.
An addition to an already large portfolio
The Crown Estate – an independent commercial entity whose profits partly fund the monarchy – manages a property portfolio worth £16bn. Its commitment to regional development outside of London has been rare, making this investment in Birmingham a notable shift.
For Birmingham City Council and its partners, the Smithfield agreement signals not just economic promise but the start of a new urban identity – one shaped by sustainable growth, innovation, and inclusive housing. The next phase will see detailed planning, local engagement, and eventually, the physical transformation of one of Birmingham’s most iconic sites
