Construction on 485-home second phase to go ahead after Starwood Capital funding agreed
Build-to-rent operator Get Living has secured £365m from investment firm Starwood Capital to work on the 485-home second phase of the redevelopment of Elephant & Castle.
The loan, which has a five-year term, will allow construction work to start on the next stage of the three-part scheme. This second phase is expected to be completed in 2026.
The loan from Starwood Capital was announced as partner firm Multiplex was chosen as the main contractor to build the Allies & Morrison-designed scheme.
Rick de Blaby, chief executive of Get Living, said: “This marks a significant moment in the journey to deliver a thriving new town centre for Elephant & Castle and the local community.
“After extensive consultation and planning activity, construction will now start on the major redevelopment of Elephant & Castle town centre.”
The second phase of the regeneration of the former Elephant & Castle shopping centre site is designed to deliver 485 homes delivered to rent - 313 market rent and 172 affordable rent. It will also provide 135,000 sq ft of shops, restaurants and leisure space, 55,000 sq ft of workspace and a new university campus for the London College of Communication and new Tube station entrance and ticket hall.
The third phase will see 498 new homes built, of which 333 will be for market rent, 49 for affordable rent and 116 social rent, as well as a 500-person capacity cultural venue.
Get Living owns and manages the first phase of the development, completed in 2017. Get Living will be the long-term operator and guardian of the town centre, backed by a partnership between DOOR (a joint venture between Delancey’s client fund DV4 Ltd and Oxford Properties) APG and Qatari Diar.
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