Residential developer St George is to draw up new plans to rebid for the £1.5bn Elephant & Castle regeneration scheme.
Tony Carey, the housebuilder's managing director, said this week that St George, which is owned by Berkeley Group, would adopt a "bigger approach" to the scheme, as regeneration projects in general had moved on and land values in the Elephant & Castle area had improved.

He said: "We'd love to rebid; it's a great scheme. We will look at it afresh because things have changed and moved on since the last bid."

Building understands that St George has asked architect John Thompson & Partners to have its original plans ready, but has not asked the practice to prepare new drawings. Carey added that there had been no discussions with Southwark council.

Last month, the council announced that talks about the scheme with developer Southwark Land Regeneration had collapsed. It said the parties had failed to agree on how to share profits and who controlled the housing element.

The St George consortium, which included developer Land Securities and the London Amsterdam Countryside team, was originally shortlisted along with Southwark Land Regeneration for the giant scheme in 2000.

We’d love to rebid for it, it’s a great scheme. We will look at it afresh because things have changed and moved on since the last bid

Tony Carey, managing director, St George

Southwark council's Elephant & Castle project co-ordinator, John Abbott, said that he was to report to the newly elected council on a preferred procurement route for the scheme late next month or in July. Abbott will make his recommendation after holding talks with lawyer Nabarro Nathanson.

The Liberal Democrats are now the largest party on the council but do not have overall control. They had pledged to link the Elephant & Castle scheme with the troubled Aylesbury Estate regeneration project nearby.

The London Amsterdam Countryside consortium refused to comment this week, but said last month that it would consider whether to bid again for the scheme.