Southwark Council gives planning approval for 42-storey Multiplex tower and mixed-use Oakmayne project.

Southwark Council has approved two major new developments that will play a major role in Elephant and Castle £1.5bn regeneration.

At a meeting last night, the council approved Multiplex's plans for a 147m-tall, 42 storey residential tower with 30% affordable housing. The scheme, a joint venture with Espalier, will integrate wind turbines to bring energy costs down by 40% for each of the 408 apartments.

It also gave the green light to Oakmayne Properties' plans to develop a striking mixed-use development with a 214 room hotel, five screen arts cinema, 219 homes, restaurants, and shops.

The scheme will spilling out on to a bustling market square and will offer new retail space for existing businesses trading in Elephant and Castle.

Together the schemes represent about £200 million of investment into the London Borough of Southwark. Construction will start on both developments by the end of the year.

Deputy leader, councillor Catherine Bowman, said: "This is an exciting time for the regeneration of Elephant and Castle. 80% of our residents want this area to change for the better and we are delivering on our promise to provide quality architecture, new homes, new shops and leisure facilities."

"These two schemes play a vital role in the Elephant's transformation and demonstrate commercial confidence in the council's regeneration plans."