Southwark Council’s plans for the £1.5 billion transformation of Elephant & Castle in south London took a step closer following a new agreement with developer Lend Lease Europe
The council’s decision (taken on Tuesday) to enter into a new exclusivity deal with Lend Lease as preferred development partner is a huge boost for the proposals, which have been subject to pressure from effects of the recession and complex negotiations with Transport for London over the cost of improvements to local transport links.
An original arrangement had ended on 1 July. Lend Lease has set out a revised proposal including a new timetable.
Leader of Southwark Council, Cllr Nick Stanton, said: ‘Despite the effects of the worst national recession many of us will ever have experienced, we are very pleased to continue with Lend Lease to realise our joint ambition of transforming this historic part of south London.
‘Although there remains a huge amount of work to do, Lend Lease has put forward a proposal that we believe will take us jointly to final negotiations that quantify the impact of the recession, resolve the outstanding issues and finalise an agreement which satisfies the financial and redevelopment requirements of the council and Lend Lease.’