The co-owner of Elephant & Castle Shopping Centre in St. Modwen announced this week that they are in search of a new joint venture partner that will help them develop a site with a thousand new homes on it. They currently own the shopping centre with Salhia real Estate.
St. Modwen stated in a trading statement this week that they have officially agreed to terms with Southwark and hope to quickly finish their legal agreements to begin regenerating the shopping centre. They hope to have the co-operation agreement between their company Lend Lease, and LBS concluded before the end of the year.
St. Modwen also explained that they have told Colliers International to find them a joint venture partner that will help fund the scheme that is expected to benefit the London borough by adding 1,000 new homes to the area as well up to 350,000 square retail feet. The planning application is expected to be completed and submitted towards the end of 2013 with ground breaking and development beginning towards the close of 2015 if everything goes as planned.
2015 will be a great time to start the new development as it is also the 50th anniversary of the existing shopping centre. This new announcement officially marks a reduction in the original amount of lsireu and retail space that St. Modwen believed they could add to the area at the beginning of this summer. They have since then dropped the number by about 100,000 sq ft.