Master plans for major London regeneration site approved
The Mayor of London, Boris Johnson, has approved master plans for the £1.5 billion transformation of the Heygate Estate in Elephant and Castle, one of the city’s most significant regeneration areas.
The project will create 2,469 new homes, a quarter of which will be affordable, and up to 5,000 construction jobs during development with 1,255 permanent jobs on completion.
Southwark Council's development partner Lend Lease will develop the 23 acre site which will also include new shops, offices, leisure and community facilities and a park.
The project is one of a number of planned major developments that together with public sector investment are helping to transform the Elephant & Castle Opportunity Area, creating a town centre that will provide employment, better homes, improved transport links and community facilities for residents.
The Mayor has already committed significant funding through the TfL business plan for transport improvements in the area, including improvements to the northern roundabout and Elephant and Castle Tube Station, as well as work to improve conditions in the area for cyclists.
Johnson wants to see more public land released for development across the capital to deliver more homes for Londoners and boost the economy. ‘It is vital that we push forward with work to unlock the massive economic potential of the Elephant and Castle area which has languished in a no-man's land for too many years. This development is a fantastic example of how new life can be breathed into communities, delivering thousands of new homes and jobs for Londoners,’ he said.
The project is one of a number of major developments planned for Elephant and Castle, including 360 London, One The Elephant, and Tribeca Square which, together with the new shopping centre, will help to make it a key destination for leisure and shopping, bringing new businesses and prosperity to the area.
Councillor Fiona Colley, Southwark Council's Cabinet Member for Regeneration, said that the project will also deliver vast improvements to transport and traffic in this important part of south London.
Mark Dickinson, managing director of Lend Lease's Development business said the aim is to create a sustainable environment. ‘The Mayor's approval of our master plan vision sets in motion our long term plans and our commitment to the area. We've set out our blueprint for the future but there is a lot of detailed work to undertake,’ he explained.
‘We'll continue working with the community at every step. At the heart of everything we do is the desire to create a sustainable place to live. A truly sustainable environment needs to bring economic benefits, support business growth and local job creation,’ he added.
