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Lend Lease has formally submitted its plans for redeveloping a housing estate in south London鈥檚 Elephant & Castle neighbourhood.

Its request to Southwark council seeks outline permission for approximately 2,500 new homes, plus shops, restaurants, community facilities and what it describes as 鈥淟ondon鈥檚 largest new park in 70 years鈥�.

The proposals for the Heygate Estate are predicted to create more than 5,000 new jobs and follow consultation work with Southwark Council, community groups and leading players in architecture, design, planning, engineering and sustainability.

Mark Dickinson, Lend Lease managing director for development in Europe and the Middle East, said the scheme was 鈥渙ne of Europe鈥檚 most exciting regeneration projects鈥�. 

鈥淟ondon desperately needs new homes and Lend Lease is proud to be playing a part in helping the capital to meet the growing demand,鈥� he said.

鈥淲e are the perfect partner for Elephant and Castle - our expertise in developing large, complex, mixed-use regeneration schemes is second to none.

鈥淚 am delighted to be bringing Lend Lease鈥檚 global experience in regeneration to this vital part of south London.鈥�

Fiona Colley, Southwark鈥檚 cabinet member for regeneration, said the transformation of the Heygate Estate was 鈥渁 hugely important cornerstone鈥� to the authority鈥檚 拢1.5bn regeneration plans for Elephant and Castle.

鈥淲e welcome the planning application, which will be considered by the council鈥檚 planning committee, making further steps towards the long-awaited vision for the area that residents look forward to seeing become a reality,鈥� she said.

The first phase of construction for the scheme is expected to begin in 2013, subject to planning permission.