The regeneration boom looks set to drive City real estate practices for the second year running with Herbert Smith grabbing one of the first major appointments of the year in the shape of the £1.5bn redevelopment of Elephant & Castle.

The firm’s real estate group has bagged its first work from South-wark Council after approximately six firms pitched to the London authority on its plan to replace the 1960s shopping centre at Elephant & Castle with new shops, offices and residential housing.