SYDNEY based developer Lend Lease today agreed with the London Borough of Southwark (council) to renew the current exclusivity arrangement to regenerate the Heygate Estate and Elephant & Castle shopping centre.

The £1.5 billion (A$2.7 billion) project will now commence with building demolition in February 2010.

Below is a joint announcement from Southwark Council and Lend Lease, released today: