Elephant and Castle regeneration project set to proceed

Tue 01 Dec 2009

Plans to develop the Elephant and Castle area of London into a new urban quarter are set to be implemented after terms were agreed by Lend Lease Europe and Southwark Council.

According to the authority, the agreement paves the way for the next stage of delivering what it describes as a highly ambitious vision for the area.

The development will include new homes, shops and businesses, as well as recreational and cultural facilities for local people.

Southwark Council said it hopes this will become a thriving, successful and environmentally friendly part of London.

Councillor Nick Stanton, leader of the authority, said the transformation of the Elephant and Castle represents excellent value for money and a good deal for the taxpayer.

This, he added, is particularly impressive as negotiations have taken place amid an economic recession.

Roger Fitton, a partner at Winckworth Sherwood, commented: "We have seen quite a number of regeneration projects between the private and public sector in London survive the current recession particularly where risk is shared."

Work on the project is scheduled to commence in February next year.

The announcement comes shortly after London mayor Boris Johnson called on local authorities to carry out an audit of potential development sites across the city.