A Qatar venture is set to build almost 1,000 homes in London’s Elephant & Castle after winning planning permission.
Southwark Council has approved the revised plans from a Qatari Diar Real Estate Investment venture to replace the shopping centre with apartment towers, a new college campus and shops.
Investor Delancey, Dutch pension fund APG Asset Management and the Qatar sovereign wealth fund’s property development unit will develop the project through Get Living London, their management and letting service.
According to Bloomberg, the full plan for the plot also includes shops, restaurants and bars, a live music venue, exhibition space and offices.
The Mayor of London now has the right to review the plans and Historic England is weighing an application to list the building for preservation before construction can start.
Sheikh Jassim Al-Thani, of Qatari Diar, said previously that the firm’s vision is to create “vibrant, sustainable local communities where people aspire to live, work and visit”.
It comes after the three firms, who are building residential schemes at the Olympic Park in Stratford and Elephant & Castle, merged the developments two years ago to create a £1.4 billion vehicle for rented homes.
They are planning to build a total of 4,000 homes, tapping into the UK’s growing built-to-rent sector.