A Lend Lease-led consortium has formalised its development agreement with Southwark Council for the £1.5bn development of Elephant & Castle in London.

The agreement comes a year after the Australian property company and its development partners First Base and Oakmayne were selected by the council for the regeneration of the area south of the Thames.

The 52-acre, mixed-use development is to include 5,000 homes and 800,000 sq ft of retail space.

The scheme already has planning consent on two phases of residential and is in the planning process on the rest.

Councillor Paul Noblet, Southwark Council’s executive member for regeneration, said: ‘Signing this partnership agreement shows the level of commitment on both sides to push this project forward and I'm looking forward to seeing the project come to fruition during the coming years.’

Lend Lease Elephant and Castle project director, Mark Boyes, said: ‘For Lend Lease, this is the next stepping stone in this exciting project’s progression. We have been working hard on the detailed masterplanning over the last new months and we look forward to sharing our thinking with Southwark residents and local organisations in 2009.’

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