Nearly five years after Lend Lease was selected as Southwark's Elephant & Castle regeneration partner, the Australian developer has submitted an outline planning application for nearly 2,500 new homes on the site of the Heygate Estate.
The outline planning application does not include detailed designs for any of the buildings on the 12 plots of land on the site but will set the parameters for the height and density of development and the general layout of the final scheme.
Lend Lease is seeking planning permission for 2,462 residential units, 16,750 square metres of retail space and 5,000 square metres each of business, leisure and community/culture space.
At least 25 per cent of the new homes will be 'affordable'. These will be designed on a tenure-blind basis so that there is no visible difference in the external appearance of the homes for sale and those for rent through housing associations.
The existing Heygate Estate has approximately 1,100 homes, all except four of which had been vacated by mid-March.
"Elephant & Castle is one of Europe's most exciting regeneration projects," says Mark Dickinson, Lend Lease managing director for development.
"London desperately needs new homes and Lend Lease is proud to be playing a part in helping the Capital to meet the growing demand.
"We are the perfect partner for Elephant & Castle – our expertise in developing large, complex, mixed-use regeneration schemes is second to none.
"I am delighted to be bringing Lend Lease's global experience in regeneration to this vital part of south London."
Cllr Fiona Colley, Southwark's cabinet member for regeneration, said: "Transforming the Heygate is a hugely important cornerstone to Southwark Council's £1.5 billion regeneration plans for Elephant & Castle.
"We welcome the planning application, which will be considered by the council's planning committee, making further steps towards the long-awaited vision for the area that residents look forward to seeing become a reality."
According to the council, the plot at the north western corner of the Heygate Estate on New Kent Road (next to Oakmayne's Tribeca Square site) is likely to be constructed first.
If planning permission is granted, the first phase of construction could begin in 2013 though it will take up to a decade for the whole site to be redeveloped.
A recent report by the council's Elephant & Castle project director Jon Abbott notes that the demolition of Crossway URC Church in New Kent Road will be required to allow the scheme to proceed.
"Officers are continuing to work with the representatives of the church to identify an alternative site or premises in the area from which they can continue to operate," says the report.
"Progress is being made and officers are currently of the view that a solution can be identified."
For the latest local news and events direct to your inbox every Monday, you need our weekly email newsletter SE1 Direct.
7,000+ locals read it every week. Can you afford to miss out?
Read the latest issue before signing up