Southwark Council and property group Lend Lease are hoping to attract 60 creative and start-up companies to the former Heygate Estate site in Elephant and Castle, London.
The temporary new facility – known as Artworks Elephant– will bring 50 recycled shipping to the area during its redevelopment and will act as an ‘incubator‘ for entrepreneurs.
The developers are hoping that retailers and businesses that join will eventually take permanent space along the new high-street on Walworth Road and Heygate Street which is part of Southwark Council‘s £3bn regeneration plan.
The Artworks will also provide a new restaurant and cafÃ©, situated around newly created open space.
The project is one of many interim uses that Lend Lease and Southwark Council will be exploring during the course of the 15-year long project.
Pascal Mittermaier, Lend Lease‘s Project Director for Elephant & Castle, commented: “We want to transform Elephant & Castle for the better and a vital part of this is improving the local economy and retail environment. We understand from other major urban regenerations which we have delivered elsewhere in the world how difficult it can be for early stage businesses to find affordable space to rent in expensive cities such as London.
“Artworks Elephant will help to break down some of those barriers and provide an interesting and vibrant place that we hope will encourage local people and visitors alike to spend their money and time in the Elephant..”
Charlie Fulford, Director of Artworks, commented: “This is an innovative project that will bring immediate economic and social benefits to the Elephant & Castle and help establish a real sense of place. We hope Artworks will be a lively and vibrant place for the occupiers as well as all the visitors to the site.”
Over the next 15 years, Lend Lease and Southwark Council‘s regeneration of Elephant & Castle will create around 5,000 new jobs in the local area. It will also deliver nearly 3,000 new homes as well as 160,000 sq ft of retail space.