HUB and HIG have acquired a 1.2-acre development plot in Lendlease’s Elephant Park scheme in London for £42m in an off-market deal.
The plot, which has commercial consent, will be transformed into a mixed-use scheme offering shared-living homes, affordable homes, new public realm, a ground floor retail provision and a health hub.
The site is the final piece in Lendlease’s 10-acre regeneration project at Elephant Park, which is being delivered in partnership with Southwark Council.
Robert Sloss, chief executive of HUB, said: “We are delighted to be working with HIG again in such a vibrant part of Southwark and to have the chance to add to the Elephant Park regeneration success. Lendlease has created a great legacy for HUB to deliver the next phase of the neighbourhood and we intend to be first class custodians of the site and neighbourhood.
“This acquisition continues our Central London, ultra urban living strategy and is the fifth asset in this portfolio, giving us a fantastic opportunity to show that alternative housing can support positive regeneration in central London and play its part in alleviating the UK’s housing shortage. We remain great believers in the value of well-priced, central living with great transport, excellent amenity and a vibrant local community.”
Angela Brennan, development management executive director for Lendlease, added: “At Elephant Park we’ve been working in partnership with Southwark Council to deliver a major regeneration of the area for over a decade. The transformation of this plot will complete our vision of a vibrant mixed-use destination that benefits the existing Elephant and Castle community as well as new residents and visitors.
“It brings further options for housing and a new health hub as well as adding to the existing retail offer that Elephant Park has become known for. We’re looking forward to seeing the site come to life and everything it will add to the neighbourhood.”
