CPO Scheme Update

THE LONDON BOROUGH OF SOUTHWARK (ELEPHANT AND CASTLE TOWN CENTRE )

COMPULSORY PURCHASE ORDER 2023

Olden Property is acting for Corsica Studios, leasehold occupiers at Arches 4 & 5 Farrell Court, Elephant Road. A CPO has been made by the London Borough of Southwark to acquire their interest in land to make way for a major redevelopment of the old Elephant & Castle shopping centre.

We advise our clients on the compulsory purchase system and where their property sits within that process at any point in time. We value the property and negotiate a sale on compulsory purchase terms. This means we ensure our clients receive the full complement of compensation they are entitled to and are aware of their rights throughout the process. There is no cost to our clients in this service as it is the Council that have to pay for the leaseholders professional advice. It is important that this is agreed in writing in advance.     

History

Elephant and Castle shopping centre was Europe’s first ever large indoor shopping centre which in 1965. Plans to demolish the centre were first mooted in 2003 and it was finally demolished between 2020 and 2021.

The Scheme

A new town centre is being brought forward at the Elephant & Castle in three main phases. The first phase has already completed at Elephant Central. The second phase commenced with the demolition of the existing shopping centre site in October 2020 and construction on site is now underway, targeted to complete in 2026. The third phase will commence on the site of the London College of Communication after the College has moved to its new building within phase two, and will take a further four years to complete with an estimate completion in 2030.

The Scheme is a partnership between London Borough of Southwark (their CPO powers), Delancey and Get Living.  The scheme aims to deliver 485 new homes, 135,000sq ft of retail and leisure space, 370,000sq ft University Building 

Scheme Update

The CPO was made in January 2023 with a Public Inquiry at some point in 2023, date to be confirmed by the Planning Inspectorate (PINS).     

Olden Property Negotiations   

On-going.