The developer said that approval of the masterplan was ‘a significant milestone’ in the delivery of the £1.5bn regeneration of Elephant & Castle.
Lend Lease will now work with Southwark Council to develop detailed designs for the buildings and public space and provide development, construction and investment management on the project. A section 106 planning gain deal has still to be thrashed out.
The aim is to build 2,500 new homes by 2025, as well as new shops, restaurants and community facilities, plus at least 4.5 hectares of new parks, squares, streets and gardens. The masterplan envisages significant investment in public transport, along with new pedestrian and cycle paths.
It is expected that 6,000 jobs will be created during construction.
This latest approval follows the recent planning permission granted for One The Elephant in November 2012, a 37-storey residential development of 284 homes, also in Elephant & Castle. One The Elephant is targeted for completion in 2016.
Lend Lease group CEO and managing director Steve McCann, said, “The regeneration of Elephant & Castle is now underway. The approval of our masterplan sets in motion our long-term plans and our commitment to the region. We are very pleased to be working with Southwark Council in the development of this landmark project which further strengthens Lend Lease’s position in the UK market.”
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