The London Borough of Southwark and its commercial partners, Lend Lease have agreed to the terms of a Regeneration Agreement which will transform the local community

More detailed work will now follow which will lead onto a demolition, planning and building programme which will ultimately deliver a new urban quarter in to inner South London by 2025.

According to Lend Lease, the 15 year project will be one of the most significant schemes of its type in Europe, comprising over 300,000 square metres of new build, mixed-use development together with major infrastructure improvements and a range of enhanced community facilities. The location, within two miles of London’s West End, is unrivalled for a development of this scale.

Outline planning for the Masterplan along with detailed planning for the first phase is anticipated in 2011 with work on site anticipated to commence in 2014.

Steve McCann, CEO and Managing Director of Lend Lease said: “Elephant & Castle is a major urban, mixed-use regeneration project. We are very pleased to partner with London Borough of Southwark in the development of this landmark project which further strengthens Lend Lease’s position in the UK market.”