This article is from the Australian Property Journal archive
LEND Lease has firmed its position further in the United Kingdom after being chosen by the London Borough of Southwark to complete the £1.5 billion ($A3.5 billion) Elephant and Castle project in Central London.
Lend Lease will be the Master Development Partner to complete the regeneration of 23 hectares of developed land.
The proposed regeneration of Elephant and Castle is on a scale rarely seen in Central London, totalling more than 366,000 sqm of mixed-use development.
The proposal includes over 6,000 new homes, covering more than 287,000 sqm; 46,500 sqm of new retail, leisure and restaurant space; 32,500 sqm of new office space; two major new public parks; a cinema; civic square and a new pool.
The masterplan also incorporates a new library and lifelong learning centre, a new leisure centre and healthy living centre and new educational facilities.
Southwark Council’s lead Councillor Nick Stanton said the Elephant will regain its potential and again become a jewel in London’s crown.
“Within a few years it will have become a new quarter of one of the most dynamic capital cities in the world.” he added.
Lend Lease will develop the scheme with partners First Base, the mixed-tenure housing specialist 45% owned by Lend Lease, and long-term Southwark developer Oakmayne Properties.
Working closely with the London Borough of Southwark and other local stakeholders, the Lend Lease team will develop proposals for submission as an outline planning application for the masterplan in 2008.
Lend Lease expects construction work to commence in 2009, with the redevelopment taking place over the next ten years.
Lend Lease Europe chairman Nigel Hugill said the win positions Lend Lease at the forefront of the UK’s property development industry, adding to a portfolio which includes the £5.5 billion Stratford City Zones 2–7 scheme (incorporating the Athletes’ Village for the London 2012 Olympic Games and Paralympic Games) and £5 billion Greenwich Peninsula development (a joint venture with Quintain Estates and Development Plc).
“We are delighted to have been selected to revitalise this iconic district of London. A development of this scale within two miles of London’s West End is unprecedented.
“Big mistakes were made only thirty years ago, but the preparedness of Southwark and the Mayor to face up to the enormous resulting challenges with a commitment to quality and to the community is another clear sign of London’s renewed confidence. The reconstruction of Elephant and Castle can become another example of London showing the rest of the world how things can now be done,” Hugill concluded.
The site is located in Central London, just 1.5 miles south of the City of London, and two miles south west of the West End.
Australian Property Journal
