Lend Lease has withdrawn from the £ 3.1bn Canning Town regeneration scheme forcing Newham Council to search for a replacement developer.
Lend Lease, in a consortium with First Base and East Thames Housing Association, formed one part of a three strong list of developers comprising Ecentral and Countryside Properties who were selected in 2006.
The Canning Town and Custom House Regeneration Project includes 7,000 new homes and 5.3m sq ft of mixed use space for a new town centre.
Nigel Hugill, chairman of Lend Lease Europe, said: ‘This is absolutely not a reflection of the scheme or the proposals which have in fact improved since we first became involved by virtue of a strong masterplan. But that given our immediate commitments in the borough and the enlarged independent capabilities of East Thames and First Base which means they can submit on their own.’
Lend Lease busy with other schemes
Lend Lease has won a huge raft of regeneration projects over the past year including the £1.5bn Elephant & Castle scheme and is to develop the London's Olympic Village for the 2012 games and the commercial, non retail elements of Stratford City.
Newham Council issued a search for a replacement developer earlier this month via the Official Journal of the European Union.
First Base and East Thames will resubmit
Lend Lease were selected in a consortium with East Thames Housing Association and First Base. First Base and East Thames Housing Association will now resubmit their proposals to Newham and a decision will be made in the first quarter of 2008.