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Elephant and Castle
Find out about Elephant Park, the new town centre and other developments in this area.
Contents
The redevelopment process
In 2002 the Greater London Authority (GLA) began work on the first London Plan. This identified Elephant and Castle as an opportunity area for growth.
In 2004 we prepared supplementary planning guidance (SPG) to guide the redevelopment. Central to this was the intention to:
- restore much of the old street pattern which was lost when the Heygate estate was built
- create affordable homes across the whole area, not in another large housing estate
Our arrangement with the developers
In 2007, we selected Lendlease to redevelop the estate in a joint venture arrangement. We remain the freeholder for the land, and Lendlease holds a long lease on it to complete the regeneration.
The joint-venture deal included:
- a guarantee that 25% of the housing is affordable (negotiated up from 11%)
- a payment to the council upfront
- an ‘overage’ arrangement, meaning we receive a share of any profit made from the scheme, over and above the original forecast