Godfrey Bradmans £1.5bn plans to regenerate Elephant & Castle collapsed after he gambled on the council accepting “a non-negotiable final offer” for profit share.
Estates Gazette has learned that the negotiations were terminated after Bradman sent a letter to Southwark council demanding an agreement on profit share.
Bradman said the council could get 70% of the profit for the scheme, provided it did not exceed £60m. If profits were more than £60m, Bradmans Southwark Land Regeneration would receive 70% of the total.
SLR predicted that the scheme would generate between £139m and £423m profit.
But Southwark ditched its development partner last week because the terms were not acceptable.
Meanwhile, Mallory Clifford, head of Blackfriars Investments, has been approached to put together a team for an alternative development.
Clifford said Southwark council had approached his company and Royal London Asset Management to submit a bid after the May local elections.
See Saturday’s Estates Gazette for the full version of this story.
EGi News 19/04/02
