HUB and HIG bag final Elephant Park site for £42m

HUB and HIG Capital, a global alternative investment firm, have acquired the final 1.2-acre plot in Lendlease’s Elephant Park masterplan for £42m in an off-market deal. The site, which already has commercial consent, is to be transformed into a mixed-use development offering shared-living homes, affordable homes, new public realm, ground floor retail provision and a health hub. The development is the final piece in Lendlease’s 10-acre regeneration project at Elephant Park. In partnership with Southwark Council, the scheme has already delivered nearly 3,000 homes, including affordable, build-to-rent and market sale, as well as a two-acre public park with natural stone play areas and water features, and a net zero carbon district heating network to serve the emerging residential community. The neighbourhood now includes more than 50 retail and leisure units, a food and craft market and other community spaces. This acquisition builds on HUB and HIG’s existing partnership. The pair teamed up to buy Finsgate House, a mixed-use scheme at 5-7 Cranwood Street, EC1, in July for £31m. Robert Sloss, chief executive at HUB, said: “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. “This 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’s housing shortage. We remain great believers in the value of well-priced, central living with great transport, excellent amenity and a vibrant local community.” Lendlease is bringing its development projects forward through partnerships and with other investors, as part of a strategy that has been under way across its European business for some time. Angela Brennan, development management executive director for Lendlease, said: “At Elephant Park we’ve been working in partnership with Southwark Council to deliver a major regeneration of the area for over a decade. The 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. “It brings further options for housing and a new health hub as well as adding to the existing retail offer that Elephant Park has become known for. We’re looking forward to seeing the site come to life and everything it will add to the neighbourhood.” Elephant and Castle market analytics >> Image © Multivista