Boris Johnson approves Elephant & Castle £1.5bn regeneration scheme6th March 2013

The Mayor of London, Boris Johnson, has approved plans for the £1.5bn transformation of the Heygate Estate in Elephant and Castle, helping to unlock the economic potential of this strategically important area of south-east London and create thousands of new homes and jobs.

In a significant boost to the continued regeneration of the area the plans, submitted by Southwark Council's development partner Lend Lease, will see the 23 acre site demolished and redeveloped delivering up to 2,469 new homes, a quarter of which will be affordable, as well as new shops, offices, leisure and community facilities and a park.

Up to 5,000 construction jobs will be created during the development stage of the project, with a further 1255 permanent jobs expected to be delivered once the transformation is complete. 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.

Welcoming the plans the Mayor, who wants to see more public land released for development across the capital to deliver more homes for Londoners and boost the economy, said: "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. "

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.

Cllr Fiona Colley, Southwark Council's Cabinet Member for Regeneration, said: "I'm pleased that the Mayor has recognised the importance of our plans to transform Elephant and Castle into a place where people want to live, work and visit. The development of the Heygate Estate with our partners Lend Lease, and our wider regeneration of the area, will bring 5,000 new homes, 6,000 jobs, a new park, a new leisure centre, and vast improvements to transport and traffic in this important part of south London."

Mark Dickinson, Managing Director of Lend Lease's Development business in EMEA, said: "The regeneration of Elephant & Castle is now underway. 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 and 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."