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Development Update Vantage Developer's Completion Estimate
Developer's Completion Estimate October 2008 to January 2009 The development is now complete externally and final internal works are taking place in anticipation of forthcoming completion.
Elephant and Castle's regeneration team continues to advance plans to transform the area. The Lend Lease-led consortium has formalised its development agreement with Southwark Council for the £1.5bn development project. The agreement comes a year after the property company and its development partners, First Base and Oakmayne, were selected by the council to deliver the regeneration-led scheme. The 52-acre, mixed-use development is to include 5,000 homes and 800,000 sq ft of retail space. The scheme already has planning consent on two phases of residential apartments and is in the planning process on the remaining project elements. Meanwhile, Mayor of London Boris Johnson has announced that Elephant & Castle is one of 30 transport hubs across London to be allocated its own police team of one sergeant, one police constable and seven PCSOs with extra funding from Transport for London. The move follows successful trials in West Croydon, Wood Green and Canning Town. "The most frequent complaint made to me during the election was that local people did not feel safe on the buses," said Johnson. "Therefore, one of my first actions as Mayor was to introduce new transport hub police teams to kick-start the work of taking back our public spaces, and cutting so-called 'minor crime'". The new team at Elephant & Castle will be introduced during the first half of next year. Rental prices in the area for well located, well built property are performing well. 2 bedroom apartments are available in a new development on Steedman Street (a somewhat less convenient and desirable location) for £320 per week. Young Group's estate agency, Young London (www.younglondon.co.uk) recently let a 2 bedroom apartment in the nearby O'Central development for £350 per week. 2 bedroom flats in O'Central are available from £315,000 (Barnard Marcus) while the Steedman Street development has 2 bedroom units on offer from £310,000, although it is definitely worth noting that the location of these developments is not as good as Vantage. In the last Development Update, we commented on the rapid progress to the construction of the building’s exterior. The elevations are now complete and to outside eyes progress may now appear to slow as efforts are concentrated within the building to create the individual apartments that form this well located development.
February Site Update Since the last development update the Vantage development has progressed at a rapid pace. As the photos demonstrate, the structure of the tower is racing ahead. The floorplates are in place up to the twelfth floor level and the glazing and outside cladding to the building has been completed as far as the seventh floor.
November Site Update The foundations and below ground workings have been laid and construction of the building framework has begun with the central core now reaching the 2nd floor.
Vital planning applications for two multi-million pound regeneration projects in Southwark have now been approved. Southwark's planning committee has approved both the Elephant and Castle and the Aylesbury schemes. A cinema, shopping and market place will be built on New Kent Road, as well as new homes and a resource centre on the Aylesbury site. The £1.5bn Elephant and Castle scheme will provide a high quality market square, restaurant, shops and a cinema along with more than 300 residential units. The approved scheme had been adapted from an earlier plan, and the new design provides greater ground floor space for local businesses. The buildings will also link in with work already underway to ensure all development in the entire area is connected to sustainable energy supplies. Similarly, the redevelopment of the Aylesbury - one of the biggest housing estates in Europe – has received a major boost with the first site receiving full planning permission. A striking scheme of 52 new homes for Aylesbury residents, along with a state-of-the-art resource centre, was given the go-ahead. Current residents have been involved in the designs to ensure they get spacious homes. The resource centre will provide facilities for people with sensory, neurological and physical disabilities, along with health and therapy services, adult education, employment support, and IT. Building is expected to start on-site in Autumn 2008. November Area Update In September, planning was granted for two significant new schemes in Elephant and Castle, adding to the £300 million regeneration construction that is already underway. Urban regeneration developer First Base is behind both schemes; the first, is a major new 44-storey tower near St Mary’s Churchyard, designed by renowned architects, Rogers Stirk Harbour & Partners; the second, Printworks, is a mixed-use development located on Amelia Street, designed by leading architects, Glenn Howells. The demolition of the existing Old London Park Hotel adjacent to St Mary’s Churchyard will make way for a 44-storey iconic architectural structure with a new public square, cafés and a stunning new home for Southwark Playhouse. The 200-seat auditorium and a dedicated education space will allow the playhouse to continue its commitment to teaching and drama in the local area. In October, research revealed that the revitalised Elephant and Castle area will be a major London shopping destination in ten years' time. Retail and credit analyst group Experian carried out the study to forecast the most popular shopping destinations in 2017. Due to the work taking place on the day of our visit it was quite difficult to get close enough to the site for a decent photo. We are waiting for a detailed progress report from the developer.
March Site Update The site has been cleared, works are about to commence.
A key aim for the works in and around this area is to improve the connections between bus, train, tube, tram and car and remove traffic congestion. Plans will ensure that public transport, pedestrians and cyclists are given priority and that the negative effects of traffic, including pollution will be limited. The latest plans for the Elephant and Castle regeneration include closing of Walworth Road to cars between Heygate Boulevard and the southern roundabout. This southern roundabout will be removed in the autumn and the northern roundabout redeveloped into a Civic Square. London Road will also be closed and car parking in the central area will be restricted to essential users and disabled drivers, while car clubs and other car sharing measures will be encouraged. Wider pavements and more street level crossings will replace the subways to make the whole area a more pedestrian-friendly place. New and improved cycle lanes, bike hire schemes, a ‘bike and ride’ Cycle Centre with room for 1,000 bikes, and enhanced shower and changing facilities are also to be implemented in the area. With regard to tubes and buses, a new link between the Bakerloo and Northern Lines is due to be created and pedestrians will be able to access the tube stations from the Civic Square. Entrances will be improved and bus services will be more frequent with enhanced waiting facilities and more stops. A Mobility Centre in the Civic Square will be built and this will offer journey planning advice and sell tickets, as well as providing information on local transport facilities including car clubs, disabled parking and bike and ride. Housing in the area is also due to be updated which will include replacing the 1970s Heygate Estate. Replacement housing will start to be built this autumn with tenants expected to relocate in 2008/9 after which time the site will be cleared. Following this the demolition of the Elephant and Castle shopping centre is due to take place in 2010 when the Civic Square and surrounding regeneration works will commence development. Another development includes a joint venture by Multiplex and Espalier who are building Castle House, a 42 story residential tower of 408 apartments. This scheme will incorporate wind turbines which will bring down the energy costs of each apartment by up to 40%. Clearing of the site is due to take place early this year. Southwark Council is taking a unique lead role to ensure regeneration proposals meet the long-term needs of Southwark residents, and leave a positive legacy for the future. All of the building works will use innovative measures to minimize energy consumption and it is expected that all regeneration works in the area will be complete by 2014. There is still a lot of work to be done! t: +44 (0)845 356 1000 e: info@younggroup.co.uk |
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