Southwark Council has given the go-ahead for the second phase of the £1.5bn regeneration of Elephant & Castle.

593 new homes are to be built and 43,000 square feet of new retail space is to be made available at Elephant Park.

The latest phase follows the launch of 360 homes, known as South Gardens, in the first phase earlier this year.

Lend Lease will build nearly 2,500 new homes on the site between now and 2025.

The new retail offering will create a new shopping environment fit for the 21st Century and will include up to 13 independent shops in West Grove, in addition to a new supermarket, up to nine high street shops along the Walworth Road and a restaurant on Walworth Square.

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This will enable the extension of the traditional local high street Walworth Road, reconnecting the Elephant with Walworth and the creation of a new central shopping street targeted at small independent and local retailers which will include affordable retail.

By re-establishing Elephant & Castle as a successful retail destination, this latest phase will help establish the character of Elephant Park, increase footfall, create local job opportunities and ensure spending is retained locally.

The second phase of residential accommodation comprises 593 homes situated around two new garden squares and includes the tallest building in Elephant Park at 31 storeys. Homes are expected to go on sale early next year, with construction expected to start later in 2015.

(CD/JP)