The firm will now be asking local people to come forward with suggestions for the names of the new buildings, streets and parks which will transform Elephant & Castle.

Pascal Mittermaier, Lend Lease’s Project Director for Elephant & Castle, said: “Elephant & Castle is fast becoming a global exemplar for the delivery of sustainable urban regeneration.

“A neglected area in the centre of a leading world city is being transformed into one of the most desirable places to live in London, comprising a revitalised retail destination of both restaurants and shops and characterised by its green open spaces which put residents’ health and wellbeing at the heart of project.

“It was natural to choose the name Elephant Park for the scheme to reflect the green open spaces which are pivotal to what we are creating.

“We are excited to welcome local residents to come forward with more suggestions as we try to find names for other streets, buildings and open spaces we are delivering here in Elephant & Castle.”

Over the next 15 years, Lend Lease and Southwark Council’s regeneration of Elephant & Castle will create nearly 3,000 new homes as well as 160, 000 sq ft of retail space.

It will also generate around 5,000 new jobs in the local area. The creation of the park will also contribute to the 1,200 plus new trees being planted throughout the area over the next ten years, representing a 60 per cent increase in the overall tree canopy.

Homes in the first phase of the Heygate Masterplan will go on sale to the public from early April.