Lend Lease and London Borough of Southwark Agree to Regenerate Elephant and Castle From 2010

Important milestone reached for the transformation of the Elephant and Castle

An important milestone has been reached in the multi million pound scheme to transform the Elephant and Castle in to a new and thriving urban quarter for south London.

Southwark Council’s Executive has today, November 30th, approved the terms of a Heads of Terms agreement with Lend Lease Europe Ltd. The Heads of Terms agreement is the result of extensive negotiations with Lend Lease, delivered against the back drop of national recession.

This decision paves the way for the next stage of delivering the ambitious vision for the area by agreeing a Regeneration Agreement over the coming months. The purpose of the phased development will be to establish the Elephant and Castle Opportunity Area as a thriving, successful, and environmentally friendly, new urban quarter for London. The aim is to create opportunities for local people, support a successful, vibrant mix of homes, shops and businesses and a range of high quality recreation and cultural facilities.

The Executive has also asked council officers to continue negotiations with Transport for London and the Greater London Authority to safeguard the viability of all phases of the project, including the shopping centre.

The scheme has been split in to six phases, with the first, the demolition of Phase 1, due to start in February 2010, or as soon as practically possible. Detailed planning consent for Phase 1 will be sought to be achieved by the end of April 2011. Both parties have expressed their commitment to work together to redevelop the shopping centre (Phase 6), once economic circumstances allow and a viable scheme can be brought forward.

Cllr Nick Stanton, Leader of Southwark Council, said: “This decision paves the way for another important step on our journey to transform the Elephant and Castle, to create a new, successful and vibrant urban quarter for Southwark and London. It also represents a very good deal for local tax payers and excellent value for money, which is particularly impressive as we have been negotiating this agreement against the back drop of a national recession.

“We have always said that we want to create and shape a new and exciting quarter for London, that also draws on the best traditions of the area. We remain committed to delivering leisure, retail and infrastructure improvements that support the creation of a quality, mixed and cohesive community that is served by excellent local facilities. The joined up approach we are taking with our partners Lend Lease is seeking to realise our joint ambition of transforming this historic part of south London.”

Dan Labbad, Chief Executive Officer – Europe, Lend Lease said: “Lend Lease is extremely pleased with Southwark Council’s decision. We understand the importance of the successful regeneration of Elephant and Castle to the local community, Southwark and London and are committed to continuing to work in partnership with the Council to finalise agreements and begin work on site.”

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.