Mercato Metropolitano has confirmed that its Elephant & Castle site will stay open until the end of 2026 after plans to bulldoze it to make way for almost 900 flats were approved earlier this year.
Southwark councillors approved the Borough Triangle development, which will see 892 homes built in tower blocks up to 44 storeys high, during a planning meeting in March.
A number of buildings will be demolished to make way for the scheme from Berkeley Homes, including a 100-year-old locally listed Institute of Optometry and a former paper-making factory where Mercato Metropolitano has existed for the past nine years.
The Elephant & Castle site is a popular food spot currently home to 40 independent traders and features a range of cuisines from across the world including from Nigeria and Syria. Two other venues exist in Mayfair and Canary Wharf.
The Local Democracy Reporting Service (LDRS) understands the market will continue trading as usual throughout next year, and further announcements about the site’s future are expected early next year.
Dee Salih, Director of Brand and Marketing at Mercato Metropolitano, said: “Despite recent incorrect speculation, the market is open, thriving and we have lots more exciting things to look forward to in 2026.”
Mercato Metropolitano has announced it will be open on New Year’s Eve and will see the food hall turned into “one huge party venue” from 7pm to 2am beginning on Wednesday, December 31.
Guests who buy tickets will have access to four different musical areas as well as food, drinks and live entertainment. Guests without tickets will still be able to enjoy food and drink, but won’t have access to entertainment areas and the full New Year’s Eve programme.
Tickets are available now and can be bought in advance at a discounted rate of £10 – otherwise they will be available for £15 on the door.
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Berkeley Homes previously said there will be an opportunity for up to 12 traders to relocate to a temporary nearby location while the scheme is under construction.
According to Southwark Council planning documents, Berkeley Homes has committed to providing the remaining stall holders with a relocation package.
The proposals also include a new office block, flexible café or retail space and a new community centre which is expected to be occupied by a Latin American group. The project would also deliver 1,780 square metres of public space.
Of the 892 flats, 230 plan to be ‘affordable’ and will be up to 80per cent of local market rates while 153 will be for social rent – which amounts to 35 per cent affordable housing in line with the council’s policy.
Berkeley Homes previously said the Borough Triangle development will create a “thriving, diverse and welcoming neighbourhood with world-class architecture”.
