Southwark council and Lend Lease have formally signed off the regeneration agreement for the £1.5bn redevelopment of Elephant & Castle, SE1.
The agreement was approved at a Southwark council Cabinet meeting on 7 July but has since been subject to a call-in period that has now ended.
The Elephant & Castle scheme covers 170 acres, including the pink shopping centre at its heart owned by St Modwen, and the 25-acre Heygate Estate, and will include 2,500 homes and 450,000 sq ft of retail and leisure, in addition to a revamp of the shopping centre to include 90,000 sq ft of offices and a 90,000 sq ft leisure centre.
The council has agreed to the disposal of housing land at the Heygate Estate to Lend Lease by way of 999-year leases for premiums plus overage “if applicable”.
A minimum level of 25% affordable housing has also been agreed.
The agreement was officially completed by councillor Peter John, Leader of Southwark Council (pictured left) and Dan Labbad (right), Chief Executive Officer EMEA of Lend Lease (pictured right) at Southwark’s London Bridge offices.
Councillor Peter John said: “Today is an historic moment for the future of Elephant and Castle. This signing paves the way to a transformation of this part of Southwark over the next 15 years, creating a new and exciting destination for
Dan Labbad said: “Lend Lease is delighted to be delivering the regeneration of Elephant and Castle. For us this is one of the major regeneration projects not just in the
paul.norman@estatesgazette.com
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