Lend Lease has secured planning permission from Southwark Council in the UK for its £1.5bn Elephant & Castle regeneration in central London.
Designed by Make Architects, the scheme will create 2,500 new homes, of which 25% will be affordable housing, in the space created by the demolition of the existing building on the site.
Expected to be completed in 2025, the scheme will feature new shops, restaurants and community facilities and about 4.53ha of new publicly accessible space comprising parks, squares, streets and gardens.
Lend Lease said it will work with Southwark Council to develop detailed designs for the buildings and public space and provide development, construction and investment management on the project.
Lend Lease chief executive officer and managing director Steve McCann said, "The regeneration of Elephant & Castle is now underway."
The development will also feature a new tree-lined pedestrian street to improve pedestrian and cycle paths in the area.
As part of the scheme, 124 trees from the Heygate Estate will be kept for a new urban park.
Southwark Council leader Peter John said, "We now have the opportunity, working with local people and our partners Lend Lease, to continue the transformation of the area as a place where people want to live, work, shop and relax."
The latest approval follows the recent planning permission granted by Southwark Council for a 37-storey residential tower featuring 284 new homes.
Lend Lease, together with its partner London and Continental Railways, is also developing and building The International Quarter, a £1.3bn mixed-use project in Stratford, east London.
Image: The first phase of the Elephant & Castle regeneration scheme will feature 235 new homes on a 1.1ha. Photo: Lend Lease.