Developer St Modwen is delaying plans to lodge an application to redevelop the Elephant & Castle Shopping Centre because of continued uncertainty over how many homes it can include in the scheme.
The firm and centre co-owner Salhia Real Estate had wanted to submit an application this year for a £600 million scheme to expand the mall to include 350,000 sq feet of retail space and up to 1,000 apartments.
But website CoStar said the developer now expected any submission to be delayed “until at least 2014” because Southwark Council believed 500 homes was a more appropriate figure for the site.
It said St Modwen now had concerns about the viability of the scheme and felt unable to enter discussions with one party or progress the planning application while the uncertainty remained over acceptable housing levels.
Southwark Council has given the go-ahead for the compulsory purchase of Elephant and Castle shopping centre which is due to be redeveloped…