Developer Lend Lease has reached an agreement for the sale of its interest in a major project in London for STG100 million ($A156.45 million).

Lend Lease will sell its stake in the Greenwich Peninsula development to joint-venture partner Quintain Estates and Developments (QED) if QED shareholders approve the deal in a vote next month.

Lend Lease will receive STG100 million ($A156.45 million) in cash from the sale, giving it a profit of about STG25 million ($A39.11 million) on the project, the company said on Monday.

The peninsula is home to the O2, formerly the Millennium Dome, and is being redeveloped for residential and office use.