Australian led team beats off St Modwen bid for key south London site
Developer Lend Lease has won the £1.5bn deal for the regeneration of Elephant & Castle in south London, it was announced today.
The Lend Lease consortium, which includes residential developers First Base and Oakmayne, pipped a St Modwen-lead team at the post to secure the massive development.
But the two teams will still have to work together – as St Modwen owns the shopping centre at E&C, which is due to be demolished as part of the regneration. If the two cannot reach an agreement to sell the centre, the council may have to use its powers of compulsory purchase.
Southwark Council was supposed to announce the preferred developer earlier this year but delayed the decision, stating it wanted to “retain competitive tension”.