UK: Developer HUB and alternative investment firm H.I.G have acquired a plot at Lendlease’s Elephant Park masterplan for £42 million in an off-market deal.
The 1.2-acre site, which already has commercial consent, will be transformed into a mixed-use development featuring coliving homes, affordable homes, new public realm, ground floor retail provision and a health hub.
Delivered by Lendlease in partnership with Southwark Council, the scheme has already delivered nearly 3,000 homes, including BTR, affordable, and market sale, alongside a two-acre public park and a net zero district heating network.
The acquisition builds on HUB and H.I.G.’s existing partnership, which has included a mixed-use scheme at Finsgate House.
Lendlease is bringing its development projects forward through partnerships and with other investors, as part of a strategy that has been underway across its European business for some time.
The development includes more than 50 retail and leisure units, community spaces, and a recently launched weekend food and craft market. The site is close to UAL London College of Communication and London Southbank University. Elephant & Castle station is five minutes’ walk away.
Robert Sloss, CEO of HUB, said: “We are delighted to be working with H.I.G. again in such a vibrant part of Southwark and to have the chance to add to the Elephant Park regeneration success. Lendlease has created a great legacy for HUB to deliver the next phase of the neighbourhood and we intend to be first class custodians of the site and neighbourhood. This acquisition continues our central London, ultra urban living strategy and is the fifth asset in this portfolio, giving us a fantastic opportunity to show that alternative housing can support positive regeneration in central London and play its part in alleviating the UK’s housing shortage. We remain great believers in the value of well-priced, central living with great transport, excellent amenity and a vibrant local community.”
Angela Brennan, development management executive director at Lendlease, said: “At Elephant Park, we’ve been working in partnership with Southwark Council to deliver a major regeneration of the area for over a decade. The transformation of this plot will complete our vision of a vibrant mixed-use destination that benefits the existing Elephant and Castle community as well as new residents and visitors. It brings further options for housing and a new health hub as well as adding to the existing retail offer that Elephant Park has become known for. We’re looking forward to seeing the site come to life and everything it will add to the neighbourhood.”
HUB is also developing a coliving scheme in London’s Barbican Centre, in partnership with Bridges Fund Management.
