The confirmation of the development agreement follows an in-principle decision that the Council made in May this year. The agreement commits Southwark Council to co-operate with the joint owners of the shopping centre, St Modwen and Salhia Real Estate.
The agreement sets out a timeframe for the proposed redevelopment and states that an outline planning application should be submitted by the end of September 2012. A full planning application should then be submitted by November 2014.
The Council said it is in favour of the development and believes the regeneration of the shopping centre is key to the regeneration of the Elephant and Castle area as a whole.
"What's very important is that the [development] provides the opportunity to create a much better shopping destination for Elephant & Castle", said Fiona Colley, a Southwark cabinet member for regeneration, according to a report in community website SE1. It is also hoped that public realm and community facilities would be improved along with the transport links and pedestrian access.
Development of the Elephant and Castle shopping centre is part of a wider regeneration scheme of the south London area.
"Momentum is gaining and we are making substantial progress on all fronts in relation to the planning framework, negotiations with the shopping centre and also with Lend Lease," said Stephen Platts, the council's director of regeneration and neighbourhoods, according to SE1.
"We are on programme to submit planning applications in March next year for three key elements: one will be Rodney Road, one will be the Heygate itself and the other will be St Mary’s and the leisure centre," Platts said.
Editor's note 2/12/11: This story has been changed to attribute the quotes used to SE1. The original story had not done so, for which we apologise.
