Post negotiations which lasted a long 2 and a half years, Lend Lease and Britain's Southwark Council have finally agreed to put into action the $.27 Billion redevelopment plan of the Elephant and Castle housing, a retail and office development in South of London.

The development resulted in Lend Lease shares gaining 9% in an otherwise flat market.

When Lend Lease first started negotiating the plan with the Council, the firm had claimed that it would be "one of the most significant schemes" in all of Europe, but the project got delayed for a very significant amount of time due to various disagreements.

Yesterday, however, both the Council and Lend Lease agreed on the terms that would make way for the second stage of the development of what the parties involved describe as "the ambitious vision for south London".

Southwark Council spokesman Nick Stanton shared, "The joined-up approach we are taking with our partners Lend Lease is seeking to realise our joint ambition of transforming this historic part of south London".

As per plans shared by the Council, the scheme has been divided into six phases, which will start will the first demolition phase scheduled for Friday.