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Wednesday, March 22, 2006
Elephant and Castle schemes gain planning consent
Elephant and Castle's £1.5bn regeneration took a step forward last night with Southwark council approving two key developments.

The decision gives the go-ahead for two mixed-use schemes by Multiplex with its joint venture partner, private equity firm Espalier, and developer Oakmayne Properties. Multiplex and Espalier are to develop a 147-metre, 42-storey residential tower at Castle House, 2-20 Walworth Road, London SE1. The 247,500 sq ft (22,993 sq m) scheme will include 408 flats, 30% of which will be affordable housing. Oakmayne is to develop a 458,000 sq ft (42,549 sq m) mixed-use scheme including three buildings. It will comprise 219 homes, a 219-room hotel, a five-screen arts cinema, 15 shops, a supermarket, three restaurants and a market square for 100 traders.

The schemes represent around £200m of investment into Southwark and construction on both will start by the end of the year. (via Property Week[subscription needed])

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