The decision means the landmark south London shopping centre will close in early 2019 before demolition, followed by a redevelopment programme which will include 979 new homes, a new home for the London College of Communication, and town centre retail and leisure facilities.
Cllr Johnson Situ, Cabinet Member for Development, Growth and Planning, said: “This is a complex scheme that will create a vibrant, new town centre, which is a key part of the wider regeneration of Elephant & Castle bringing new homes, jobs and opportunities to the area.”
Stafford Lancaster, Investment Director of developer Delancey said: “Our proposals offer a once in a lifetime opportunity to deliver a new town centre for the area, with each of these elements dependent on being delivered together.
“This includes a modern transport system, and a commitment to maintaining the area’s unique and vibrant culture. The new town centre will include a range of high street and independent retailers, enhanced restaurant and leisure opportunities and much needed housing on a site where there is currently none.”