Elephant & Castle's £500M Toblerone Towers Scheme Approved
Toblerone Towers, so nicknamed because of its triangular shape, was approved by the Southwark Council on Wednesday evening.
The project will bring 538k SF of office space and more than 400 new homes to Elephant and Castle, one of the capital’s largest regeneration zones. The neighborhood makeover is estimated to cost about £3B, according to the Evening Standard.
The new trophy tower features shops, restaurants, a 350-seat auditorium, and the 71k SF roof garden and viewing terrace. The tower has irked some because it has no affordable housing—but because Southwark council allows payments in lieu of low-cost housing, developers London & Regional Properties offered £16.88M. [ES]