Developer Rockwell is to acquire the Salvation Army's UK headquarters in Newington Causeway.
The building has been on the market since 2018 with an asking price of £45 million. The sale will enable the Salvation Army to build new office accommodation at its William Booth College site in Camberwell.
"Elephant & Castle is undoubtedly one of the most exciting areas in London and the Salvation Army headquarters is an exceptional site which we're delighted to be bringing forward," said Donal Mulryan, founder of Rockwell.
"Rockwell has an absolute commitment to ensuring that local people benefit directly from each proposal and to working in partnership with local organisations to achieve this.
"I'm excited to begin work on a scheme which will have a positive impact on the lives of local people and the vibrancy of the town centre."
Andrew Cox of Savills, which advised the vendor on the sale, said: "The Salvation Army believe that Rockwell had sufficient vision and track record to deliver on the site.
"Elephant & Castle is undergoing significant regeneration. This sale clearly demonstrates the depth of the market in this part of south London and the improved confidence in the London land market."
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