Lend Lease's plans to buy a stake in the Elephant & Castle Shopping Centre being slowed by concerns over the number of homes allowed in the mall's redevelopment.
Last year, St Modwen launched a search for a joint-venture partner for its plans for a doubling of the centre’s retail space and the construction of up to 1,000 homes.
However, Lend Lease and Southwark Council now believe that 500 homes is more appropriate for the site, which has implications for the value of any stake in the redevelopment, website CoStar reported.
Southwark Council leader Peter John said the authority would only support a lower figure of new homes for the development.
Lend Lease is Southwark’s development partner for the £1.5 billion Heygate Estate regeneration programme, and has other major projects in the area.
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