Lapsed agreement with Southwark council is revived for redevelopment of Elephant and Castle estate

Southwark council yesterday entered a new exclusivity deal with Lend Lease Europe to develop the Elephant and Castle estate, three weeks after the lapse of the agreement struck in 2008.

The new agreement allows further work to continue on the ground, in particular the ability to carry on site clearance on the Heygate Estate.

Lend Lease has set out a revised proposal for the development including a new timetable for completing outline and regeneration agreements.

Elephant and Castle estate
The Elephant and Castle estate

The exclusivity agreement allows the council and Lend Lease to conduct commercial negotiations with confidence that no other developer is being considered by Southwark.

The council is locked in complex negotiations with Transport for London (TfL) about the cost of improvements to local transport links.

TfL has submitted an initial cost estimate to the council, but a full report is due in the summer.

Southwark council leader Nick Stanton said: “Despite the effects of the worst national recession many of us will ever have experienced, we are very pleased to continue with Lend Lease to realise our joint ambition of transforming this historic part of south London.”