The developer plans to build 235 homes in the first phase of the redevelopment of the Elephant & Castle, at least 25 per cent of which will be affordable.

Lend Lease project director for Elephant & Castle Rob Deck said: “We have a 15 year development plan for the Elephant & Castle and we’re committed to creating a healthy and thriving urban quarter that enriches and integrates with the surrounding well-established neighbourhood.”

Lend Lease expects Southwark Borough Council to make a decision on the planning application to build the homes in eight blocks towards the end of this year.

This would allow work to start on the homes next year and be finished in 2015.

In April, the firm submitted outline planning for the wider Heygate Estate masterplan, which includes 2,800 homes.

Councillor Peter John, leader of Southwark Council, said: “I am delighted that in such a short space of time since the regeneration agreement with Lend Lease was sealed two years ago, we are now in a position to receive a detailed application for new homes on the former Heygate Estate.

“I welcome the next steps in the drive to creating a better living environment for residents, this next part of the process will edge us closer to seeing the vision for this hugely important regeneration site come to fruition.”