Work starts on residential scheme

By James Renoux-Wood - Thu 5 June 2014, 11:49 am

Work has begun on a housing scheme as part of the £1.5 billion regeneration of Elephant and Castle.

Affordable housing provider Guinness South is working with developer Hills Residential on the project, which will see 140 new homes built on Stead Street.

Of these, 84 will be let at social rents and 56 will be available for private sale. A new community centre and retail unit will also be built.

Guinness South's head of development Stephen Olujide said: “We were able to secure additional grants from the Greater London Authority and Southwark Council, so rent levels for the new homes will be genuinely affordable for eligible residents moving from the nearby Heygate and Aylesbury estates. The scheme will also incorporate a number of sustainable measures.”

Southwark Council plans to oversee the building of more than 1,700 affordable homes at the Elephant and Castle.

Councillor Fiona Colley, cabinet member for regeneration, said: “This development is part of the council’s Heygate replacement housing programme which is delivering 418 new social rented homes in the Elephant and Castle area. 

“Combined with the many other new housing developments which have completed, are under construction or have planning consent, the Elephant and Castle regeneration programme is now on track to deliver at least 1,715 new affordable homes.”