Real estate investor and advisory group Delancey has joined forces with local private residential builder Oakmayne Properties to buy Oakmayne Plaza, a cleared freehold site of just over 4,000 m2 in the Southwark borough of London, as part of a consensual deal with RBS.

The site located adjacent to Elephant and Castle railway station, at the heart of the Lend Lease/Southwark regeneration area, has planning consent for 36,200 m2 of net private residential, student, leisure and ancillary commercial uses and will provide 373 high quality apartments and penthouses, all for private sale along with student accommodation, commercial and leisure facilities.

The scheme, with an anticipated value of £200 mln (EUR 238 mln) at completion, will comprise three towers, rising from 16 to 24 storeys, linked by a triple storey podium. The commercial space in the podium supporting the residential towers will be used for an innovative multi-screen cinema complex, cafes and restaurants, supermarket and dedicated space for local retailers and other leisure uses.

'Delancey is delighted to be involved in this important inner London scheme, which lies at the heart of one of the most significant urban regeneration projects in Europe and marks the further development of our portfolio of residential-led mixed-use activities,' said Jamie Ritblat, chairman and CEO of Delancey.

Southwark is undergoing a massive £1.5 bn regeneration programme carried out by a consortium led by Lend Lease.