Out-Law News 1 min. read
02 Dec 2013, 5:02 pm
The JV also announced it has bought the Elephant and Castle Shopping Centre from Key Investment Properties, a JV between St Modwen and Salhia Real Estate Company, for £80 million.
The new South Village will comprise homes for rent and retail, including a redeveloped shopping centre and the adjoining Delancey-owned Tribeca Square scheme. Tribeca Square will provide three residential towers comprising 373 homes and 272 student beds as well as retail and leisure space at ground floor level and a new market square.
“We are delighted to be continuing the delivery of a significant residential investment strategy in Elephant and Castle with such a high calibre partner as APG; particularly at a time, when the affordability of housing in London is an increasing concern," said Delancey chief executive Jamie Ritblat in a statement.
“Combining an exceptionally well-connected Zone 1 location with Zone 3 pricing, Elephant and Castle is one of Europe’s foremost regeneration projects, and represents a hugely exciting project for us to be moving forward,” Ritblat said.
Southwark Council's cabinet member for regeneration Fiona Colley welcomed the JV's purchase of the shopping centre. "The Council already has a good relationship with Delancey as we have a joint working arrangement for the Tribeca Square site in Elephant and Castle so I hope we can quickly start consultation on a project with so much potential for local residents, businesses and those coming to the area," said Colley according to a local reports.
