UK living sector developer HUB and global investment firm HIG Capital have jointly acquired a final 1.2-acre plot in Lendlease鈥檚 Elephant Park masterplan in London for 拢42m (鈧�50.7m).
The acquired site 鈥� which represents the final phase of Lendlease鈥檚 10-acre Elephant Park regeneration project 鈥� will be developed into a mixed-use space featuring shared-living and affordable homes, a health hub, retail space at the ground level and new public areas.
The latest acquisition expands HUB鈥檚 partnership with HIG, building on their previous work at Finsgate House and adding to HUB鈥檚 regeneration-led, build-to-rent projects.
Robert Sloss, CEO at HUB, said: 鈥淲e are delighted to be working with HIG 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.
鈥淭his 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鈥檚 housing shortage.鈥�
The Elephant Park regeneration project, a joint venture between Lendlease and Southwark Council, has already delivered nearly 3,000 homes. This includes affordable, build-to-rent and market sale and a two-acre public park.
Angela Brennan, development management executive director for Lendlease, said: 鈥淎t Elephant Park we鈥檝e been working in partnership with Southwark Council to deliver a major regeneration of the area for over a decade.
鈥淭he 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.
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