Elephant and Castle bid settled

Southwark Land Regeneration has won the race for the £1bn redevelopment of Elephant and Castle.

The joint venture between developer European Land Group and Frogmore Estates beat off London Amsterdam Countryside to regenerate the 72ha site in south London.

SLR proposed a bold commercial centre with major investment in retail and leisure facilities. A new transport interchange will be built alongside a radical reworking of the local road network, while local housing will be transformed through the provision of new social and private housing.

Southwark council leader Stephanie Elsy commented: "SLR has been chosen because of its commitment to address the inequalities of unemployment and social depravation in an area so close to the heart of London."

SLR chief executive Godfrey Bradman added: "The opportunity is exceptional in scale and quality. It is the most important regeneration project in central London. Working with the council and the community, we will deliver a joint vision and ensure that the opportunities we create are harnessed for the benefit of the existing community."

A masterplan of the area will be finalised next year with work due to start in 2002, for completion by 2010.