INDUSTRY NEWS

£1.5bn scheme for London offices and homes in Southwark gets go ahead

Boris Johnson has given the go ahead to a £1.5bn regeneration scheme in Southwark.

The Mayor of London had to give his approval to the major rebuilding plans to the Heygate Estate in Elephant and Castle due to the sheer size of the project.

Planning permission had already been granted by the London Borough of Southwark, but Mayor Johnson’s seal of approval means construction work can now officially begin – he must be consulted on any strategically important development in London.

Following demolition work to the estate, the project will then see a number of London offices built on the 23 acre site as well as a significant number of new homes, shops, community facilities and also a park.

It is expected by City Hall that work on the site will also see the creation of more than 5,000 jobs with Mayor Johnson suggesting the work would unlock the massive economical potential of the area.

Mayor Johnson said: “It is vital that we push forward with work to unlock the massive economic potential of the Elephant and Castle area which has languished in a no-man’s land for too many years.”

Southwark Council cabinet member for regeneration, councillor Fiona Colley, said: “I’m pleased that the Mayor has recognised the importance of our plans to transform Elephant and Castle into a place where people want to live, work and visit.”

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