The developer was selected as Southwark Council’s regeneration partner nearly five years ago.

Plans for the Heygate Estate include high rise homes and  170,000 sq ft of retail space with investment in public transport and pedestrian and cycle paths through a new park.

All but four of the 1,1000 existing flats on the estate have been vacated in readiness for demolition to start.

It is anticipated that the first phase of construction will begin in 2013, subject to planning permission being granted.

Mark Dickinson, Lend Lease managing director for development said: “London desperately needs new homes and Lend Lease is proud to be playing a part in helping the Capital to meet the growing demand.

“We are the perfect partner for Elephant & Castle – our expertise in developing large, complex, mixed-use regeneration schemes is second to none.”