In June, Southwark Council will announce its development partner for a £1.5 billion project that will deliver 5,300 new homes and transform the shambolic Elephant & Castle shopping centre into a fashionable commercial and retail hub.
A cluster of landmark towers - one designed by Richard Rogers - plus civic squares and an improved transport interchange are planned, too.
Canny investors spotted the area three years ago when values were rock bottom. So, have new buyers missed the boat? No, say experts.
“Prices are about 20 per cent lower than the average for a travel Zone 1 location, and that anomaly will not endure,” says Andrew Palmer, of property consultant DTZ Residential. “The area is ripe for take-off.”
Resurgent London is not short of regeneration zones, but Elephant & Castle is arguably a special case because it is equidistant between the West End and the City (both less than two miles away). It has been discovered by walk-to-work young professionals, and as more glamorous homes come on stream, values are expected to rise.
Developers report pent-up demand because so few new homes have been built to date in spite of the Elephant’s up-and-coming status.
Available off-plan now are flats at Strata, a 43-storey skyscraper being built by Multiplex; 400 homes are priced from £245,000. Call 020 7710 8116 for more details.
Coming soon is Oakmayne Plaza, featuring 219 flats built around a new market square; call 020 7407 3667. Meanwhile, developer First Base is putting the finishing touches to Newington, a scheme of 470 flats (a mix of private and key-worker homes). For more information, call 020 7851 5555.