Evolve Estates, part of the property investment collective M Core, has announced its acquisition of 120,000 sq ft of retail and leisure space at Elephant Park, one of London’s flagship regeneration projects. The site, located in the historic Elephant & Castle area of Zone 1, was purchased from Lendlease and forms a key part of the mixed-use development delivered in partnership with Southwark Council. Elephant Park, already home to nearly 3,000 new residences, is centred around a landscaped park featuring mature trees and green spaces. The retail and leisure section combines a variety of independent retailers, national brands, and community-focused spaces, offering global cuisines, fitness facilities, bars, cafés, and leisure options.
Prior to the sale, Lendlease secured 12 additional tenants, committing over 40,500 sq ft of space. National brands such as The Gym Group, Simply Fresh, and Heavenly Desserts are now part of the mix. Independent operators including The Qube, Queer Comedy Club, The Book Elephant, EP Cuts, Jumping Bean, Jack The Chipper, and Mabella have also joined the vibrant destination.
Guy Thomas, Head of Retail and Place Assets at Lendlease, expressed pride in the project’s evolution: “Lendlease has led the Elephant Park journey for over a decade, starting with the creation of Artworks and evolving it into the vibrant destination it is today. Its development is a source of great pride for the team, as we created a thriving community hub in Zone 1, made possible by the exceptional local and national businesses that now call Elephant Park home. We look forward to seeing Elephant Park’s commercial ground floor flourish under Evolve’s ownership.”
This acquisition marks a significant milestone for Evolve Estates. Sebastian Macdonald-Hall, Partner at Evolve, commented: “We were attracted to Elephant Park’s scale and ambition. Lendlease has delivered a hugely successful regeneration project, creating new homes, offices, green spaces, and jobs. We want to build on this by working with local stakeholders to develop a thriving and diverse community.
“This is a significant acquisition for Evolve, demonstrating our ability to invest, manage, and develop the retail and leisure proposition within one of London’s largest regeneration areas.
“There is a high demand for space at Elephant Park, and we will soon announce exciting new operators building on the carefully curated tenant mix that blends local, independent, and national operators.”
Macdonald-Hall highlighted Evolve’s growth trajectory, citing 14 acquisitions made in 2024 and plans for further expansion in 2025. Elephant Park benefits from strong connectivity within Zone 1’s transport network, serving more than 20 million passengers annually via Elephant & Castle’s station hub. Its central location attracts a broad demographic of visitors and residents, enhancing its appeal as both a retail and residential destination.
The project has been designed to foster community engagement, with public spaces providing areas for gathering and events. This approach aligns with Evolve’s vision of developing vibrant, mixed-use destinations.
CBRE acted on behalf of Lendlease, while Hampson Wall represented Evolve Estates in the deal.
