Mayor of London Sadiq Khan has approved planning application for a £2bn redevelopment of the Elephant & Castle shopping centre in South London, where developer Delancey intends to replace the centre with a new town centre-style scheme.
The development will include new homes, shops, leisure and a new university college.
City Hall has issued a statement announcing the Mayor’s decision.
Delancey expects to commence demolition of the existing shopping centre in Southwark in 2019. The company has appointed Mace as construction adviser for the scheme, which is part of the Elephant & Castle housing estate regeneration being delivered by Lendlease.
A City Hall spokesperson said: “This development will include nearly 1,000 new homes for rent – of which 35% will be at social rent or other genuinely affordable levels – as well as community space, leisure facilities, offices, an enhanced college campus, and improvements to the nearby underground station.
“By working with the developer and the council, City Hall have secured an unprecedented level of support for traders affected, with their rents now capped below market rates for 15 years, and have got the level of rents in the affordable homes down even further.”
The plan includes more than 170,000ft² of new shops and restaurants, as well a 1,000-seat multi-screen cinema and a 500-audience cultural venue.
Designed by Allies and Morrison, the project also involves the construction of housing blocks and a building for the London College of Communication.
Southwark Council’s cabinet member for growth, development and planning Councillor Johnson Situ said: “We have always pushed for as much affordable housing as possible on this site and committed to do everything we can to support the existing traders.
“We welcome the Mayor’s decision and the enhancements announced by City Hall, which will mean increased support for traders.
“This is a complex scheme that will create a vibrant, new town centre, which is a key part of the wider regeneration of Elephant and Castle bringing new homes, jobs and opportunities to the area.”
Situ said that the council will work with the residents, businesses, local councillors and Delancey to ensure the new development works for local people.
He said: “For the businesses it has been agreed that 10% of the retail space across the sites will be affordable and Delancey has guaranteed a £634,000 tenant relocation fund to support traders. The council is currently working with traders on the principles that will inform this funding.
“In addition, the council itself will provide new affordable retail at Perronet House and Arch Street, in addition to the affordable space already being provided by Lendlease and Delancey’s phase one developments.”
Image: CGI of the proposed Town Centre development. Photo: Courtesy of Elephant and Castle Partnership.