Elephant & Castle centre 'could be sold off'

By Jim Dunton - Tue 2 July 2013, 12:57 pm

Regeneration specialist St Modwen has stated that it has not ruled out selling the Elephant & Castle Shopping Centre, which it jointly owns with Salhia Real Estate.

In its half-yearly results presentation this week, the firm said that while it still believed there was potential for the 1960s centre to be redeveloped with 350,000 sq feet of retail and leisure space with up to 1,000 apartments above, other options were under consideration.

Back in May, Southwark magazine reported that St Modwen was delaying plans for the centre amid reports that the local authority believed an upper ceiling of 500 homes was a more appropriate housing element for the scheme.

In its latest update on the project, the firm said it was “committed to redevelopment and to progress plans for a suitable scheme with the London Borough of Southwark”.

But it added that the viability of any scheme would need to be established before it sought planning approval, adding that it would “continue to consider development-partner and sale options”.

Overall, St Modwen said it had seen profit before tax increase 11 per cent to £38.8 million in the six months to 31 May.

Managing director Bill Oliver said the results reflected the “strength and continued growth” of the firm’s residential and London and South East portfolios.