Elephant and Castle shopping centre to undertake revamp for 2015

A £500 million regeneration of the much maligned Elephant & Castle shopping centre is apparently “nearer now than we’ve ever been” according to St Modwen chairman Bill Oliver.

The developer, who has owned the Sixties-built shopping centre for the past ten years, aims to submit planning application to Southwark council for the overhaul as well as 1000 new flats within the next year, with work set to begin in 2015.

St Modwen has yet to secure financing but is confident of raising the cash as swathes of the capital soak up redevelopment funds. "The banks are in a mess but there will be funding for schemes with strong demand,” Oliver said.

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