First Base has got the green light for a 44 storey tower on the Old London Park Hotel site in Elephant and Castle.

The consent for the mixed-use residential scheme is another piece in the Elephant and Castle regeneration jigsaw, a month after First Base won planning for another local scheme, Printworks.

The urban developer has also been chosen, as part of a consortium with Lend Lease and Oakmayne, as development partner for the overall £1.5bn masterplanned redevelopment of Elephant and Castle.

The new tower, being designed by Rogers Stirk Harbour & Partners, will deliver 470 new homes for London.

Elliot Lipton, managing director of First Base, said: ‘The regeneration of the derelict Old London Park Hotel builds momentum for the implementation of the masterplan. It will make way for a 44-storey iconic architectural structure with a new public square, cafés and a stunning new home for Southwark Playhouse.’

The site is currently owned by national regeneration agency English Partnerships. It is being developed by First Base as part of the London-Wide Initiative (LWI), a scheme managed by English Partnerships to deliver new, affordable homes for Key Workers across the capital.