Lend Lease has been chosen as preferred developer for the £1.5bn regeneration of Elephant & Castle in south London.

The firm will work with First Base and Oakmayne on the 170-acre, 10-year scheme with Southwark council. The project has outline planning permission for more than 6,000 homes, a civic square and other facilities. The Lend Lease team beat a St Modwen consortium to win the commission.