Elephant and Castle redevelopment to progress to second phase after loan win
The redevelopment of the former Elephant and Castle shopping centre has been given a boost after the securing of a development loan.
Build-to-rent developer Get Living has acquired £365m from Starwood Capital, The Times reported. This will enable the second phase of the redevelopment, which is set to create 485 homes and a new campus for the London College of Communication and a new Tube station.
Construction partner Multiplex has been hired to deliver the next stage of the works, which are set to be completed in early 2026. Works are anticipated to start in the first quarter of this year.
The first phase, Elephant Central on Elephant Road, was completed in 2017, and is also managed by Get Living.
Rick de Blaby, CEO of Get Living, said the step was a “significant moment” in the plans to create a “thriving new town centre” for the borough.
He added: “Following extensive consultation and planning activity, construction will now start on the major redevelopment of Elephant & Castle town centre incorporating much needed new homes, restaurants, shops, a university, workspace, leisure and cultural facilities, transport infrastructure and acres of new public realm.
“This investment in Elephant & Castle is integral to Southwark Council’s wider regeneration plan for the area and we are ever conscious of the responsibility to deliver wider social value for all.”
Campaigners had tried to stop the redevelopment after concerns there would not be enough affordable housing but were defeated at a judicial review in 2019.
The shopping centre was demolished last year as the Court of Appeal upheld Southwark council’s decision to give developers the green light for plans to build almost 1,000 new homes.