Southwark Council has given the go-ahead for a transformed Elephant & Castle, representing significant milestone in the regeneration of Central London that will create new jobs and boost the trades.
Lend Lease, the integrated property and Infrastructure Company, will work with the Council to deliver a masterplan that will see the creation of one of the largest new housing developments in London.
By 2025, the scheme is expected to deliver 2,500 new homes, shops, restaurants and community facilities, paving the way for over 6,000 new jobs in the construction industry.
Mark Dickinson, Managing Director of Lend Lease’s Development business in EMEA, said: “The £1.5bn regeneration of Elephant & Castle is now underway.
“The approval of our masterplan vision sets in motion our long-term plans and our commitment to the area. We’ve set out our blueprint for the future but there is a lot of detailed work to undertake and we’ll continue working with the community at every step.
“At the heart of everything we do is the desire to create a sustainable place to live. A truly sustainable environment needs to bring economic benefits, support business growth and local job creation.”
The new neighbourhood will be a low carbon energy development and the masterplan is currently one of just 18 global projects to be accepted as part of the Clinton Climate Positive Development Programme, designed to showcase and support large-scale urban projects that are ‘climate positive’.
There will also be significant improvements and investment in public transport, along with new pedestrian and cycle paths that will create one of the best connected locations in London.
Chancellor Peter John, Leader of Southwark Council, said: “We now have the opportunity, working with local people and our partners Lend Lease, to continue the transformation of the area as a place where people want to live, work, shop and relax.
“The regeneration of Elephant & Castle will take time, but this announcement, and the starting of work on a brand new leisure centre, are all crucial steps towards a greener, safer and more attractive place in central London that people will be proud to call their home.
“It is so exciting to see this vital project gain momentum so that people will finally begin to see those much needed improvements being made on the ground.”