Lend Lease and Southwark Council’s exclusivity agreement for the £1.5bn redevelopment of Elephant and Castle in London expires on 1 July, but the council remains ‘100% confident’ in the partnership, it said today.

At a meeting of the council's Overview and Scrutiny Committee on Monday this week, the council discussed its options for the redevelopment of the site.

The deadline for agreeing a development agreement between the council and Lend Lease and its partners First Base and Oakmayne expires on 1 July this year.

The companies were first selected for the regeneration in July 2007.

However a council spokeswoman said today that the council remained ‘100% confident in the relationship with Lend Lease.’

She said: ‘We do not have an issue with Lend Lease. We are waiting for the final transport assessment from Transport For London.’

Last month, the developers agreed funding with Transport for London for key transport infrastructure, including the redevelopment of the site’s southern roundabout.

At the time, councillor Nick Stanton, leader of Southwark Council, said: 'The regeneration of the Elephant and Castle is an iconic project which will have a huge positive impact on the whole of South East London, while redeveloping one of London’s most deprived areas. Together with our partners Lend Lease, we remain 100% committed to moving the project forward as quickly as possible.'