Get Living has secured a £365m development loan from Starwood for the next stage of its build-to-rent development in Elephant & Castle, SE1.
The five-year loan, thought to be one of the largest in the past year, will enable the second phase in the Elephant Central development at the south London shopping centre to deliver a further 485 homes.
Construction is expected to start in the next few months and is due to complete in early 2026.
Get Living has also finalised development agreements with Transport for London and London Underground to bring forward a new entrance and ticket hall for the Northern Line, to facilitate development and support the future Bakerloo Line extension.
Once complete, Elephant Central will provide around 1,400 homes. The first phase of the project, comprising 379 rental homes, was completed in 2017.
The third and final phase of the plans includes a further 498 homes and a new campus for UAL’s London College of Communication alongside an upgraded Elephant & Castle Tube station. There will also be 135,000 sq ft of shops, restaurants and offices, including a multiscreen cinema.
Rick de Blaby, chief executive of Get Living, said: “After close to a decade of consultation and planning activity, construction will now start on the major redevelopment of Elephant & Castle town centre, incorporating much-needed new homes, restaurants, shops, a university, workspace, leisure and cultural facilities, transport infrastructure and acres of new public realm.”
Read more >> The EG Interview: Get Living’s Rick de Blaby on his proof of concept
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Image © Get Living
