Signifies Major Step in the Regeneration of Elephant & Castle
London, UK, 5 June 2009 – Brookfield Europe today celebrated a major milestone in the construction of Strata, SE1, the new 43 storey residential tower which stands proudly in the heart of Elephant & Castle (E&C). A dynamic addition to London’s skyline, when completed in April 2010, Strata SE1 will be the tallest residential building in Central London and will form the striking centrepiece to the proposed £1.5 billion regeneration of the area.
Brookfield held the ‘topping out’ ceremony to mark the completion of the highest and last concrete floor of the 147.9m building. Attended by over 70 senior members of London’s business community including Sir Simon Milton, Deputy Mayor for Policy and Planning, Cllr Nick Stanton, Leader of Southwark Council and Simon Hughes, MP for North Southwark and Bermondsey, the ceremony marks the structural completion of a building that will dramatically enhance the locality and set design and quality benchmarks for future developments in the area.
Strata SE1 is the first significant private development to be undertaken as part of the E&C regeneration and delivers 408 residential apartments and four (A1/A3/A5) commercial units. 98 apartments are allocated shared equity housing which will be available through Family Mosaic, the RSL partner for the scheme. All but four of the 310 private flats were pre-sold in three phases during 2007.
The striking £114 million development is located in one of the Mayor of London’s Energy Action Areas and sustainability has been actively embraced from the outset of design. Three nine metre diameter wind turbines have been integrated into the roof of the building each anticipated to generate 15 kW. This is a world first and combining these with other built-in sustainability measures, overall carbon emissions are expected to be 15% lower than good practice benchmark values. Energy costs per apartment are envisaged to be about 40% less than the typical UK average. Strata SE1 also has the ability to connect to Southwark Council’s MUSCo, the low carbon infrastructure provider for the E&C regeneration area, when it is operational.
Justin Black, Director, Brookfield Europe said:
‘’This is a significant moment for Brookfield Europe, Southwark Council and all those interested in maintaining London’s position as one of the world’s leading cities. We are very proud to be delivering this iconic building in the current environment where many other residential projects have stalled or remain on the drawing board. It will provide much needed aspirational housing and set the design, quality and sustainability benchmarks that other developments must aspire to as well as confirming that the bold regeneration of this much loved area of London is finally underway.”
Cllr Paul Noblet, Executive Member for Regeneration, Southwark Council, said:
"For years we have worked hard to attract investment and business opportunities to the Elephant, and today's topping out ceremony shows this hard work taking shape in the form of the Strata. The new Strata residents will join a diverse and cosmopolitan community, one that is proud of its history and excited about the massive regeneration programme that will make the Elephant one of London's most desirable and dynamic Zone 1 destinations in which to live, work and play."
For more information, please contact:
Tel.: 020 7408 8372
Dido Laurimore/Olivia Goodall/ Lianne Robinson
Tel: 020 7831 3113
Notes to editors
Brookfield Asset Management Inc. (NYSE and TSE: BAM) is a global asset manager focused on property, power and other infrastructure assets with approximately US$80 billion of assets under management.
Brookfield Europe has real estate and infrastructure operations engaged in Asset and Fund Management, Development, Construction and Facilities Management in the UK and Europe. Brookfield holds an interest in the Canary Wharf Estate, London and owns and manages shopping centres such Eden, High Wycombe and Friars Square, Aylesbury. Brookfield also work in partnership on long term mixed use regeneration projects such as Brent Cross Cricklewood, London and undertake significant third party construction work such as Peterborough Hospital and the Pinnacle commercial tower in the City of London.
Strata SE1 is Brookfield Europe’s first UK example of their Integrated Property Model where they can become involved in all stages of the property cycle – through its group companies Brookfield are the developer (Castle House Developments Limited), development manager (Brookfield Developments (UK) Limited), main contractor (Brookfield Constructions (UK) Limited) and managing agent (Brookfield Services).
The Elephant & Castle regeneration has been chosen by Clinton Climate Initiative (CCI), launched by The William J Clinton Foundation, as one of sixteen projects on six continents that will demonstrate Climate Positive strategies, setting a compelling environmental and economic example for cities to follow