The central shopping centre scheme and associated redevelopment of the London College of Communication site forms the last part in the £3bn regeneration of the area.

Delancey and Europe’s largest pension fund asset manager, APG, are proposing to build a new ‘town centre’ around the famous shopping centre site.

This will include a 500-audience capacity music venue as well as an integrated campus for the London College of Communication, part of University of the Arts London, and a massive 1,000-seater cinema.

The high-rise plans also include 1,000 new homes, the majority of which will be available to rent managed by Get Living London, the company in charge of the 3,000 homes at the former Athletes’ Village at the Olympic site.

The masterplan drawn up by architecture and urban planning practice Allies and Morrison aims to create a town centre destination with a mix of national and independent London based shops, bars and restaurants, and over 100,000 sq ft of  public space and a new Northern Line entrance.

Delancey boss Jamie Ritblat said: “Our ambition is to create a new and improved town centre for Elephant and Castle; one which complements, celebrates and builds upon the existing diversity and vibrancy that this key Zone one location is already so renowned for.”