Elephant and Castle regeneration agreement

The regeneration agreement is a legal document that forms the basis of a long term relationship between us and Lend Lease.

Some of the key areas of the regeneration agreement include:

Affordable housing

The regeneration agreement outlines a minimum level of 25% affordable housing across the development. This represents a step forward from the heads of terms agreement which did not state a minimum level. Subject to viability assessment we would like to see the actual delivery of affordable homes closer to 35% of the total.

Shopping centre 

The shopping centre is included in the regeneration agreement and the intention is to bring forward proposals for the development of the centre as part of the outline planning application which will also include the Heygate. Discussions between Lend Lease and St Modwen, the owners of the centre, regarding the future of the site are continuing.

Leisure centre

In a second report that was presented to cabinet in July 2010, the cabinet agreed to improve leisure facilities at the Elephant and Castle. After looking at different options, including nearby Stead Street , the cabinet agreed to a proposal to develop new and improved facilities on the current Elephant and Castle leisure site. Officers will now work up more detailed proposals in consultation with the local community. It is however important to recognise that one of the primary funding sources for leisure facilities is anticipated to be payments made under the regeneration agreement.