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Last Updated: Wednesday, 16 November 2005, 13:00 GMT
Dozens profit in cash-grab stunt
People grab 5 notes
The stunt aimed to get others to invest in Elephant and Castle
Dozens of Londoners made some extra cash on their way to school and work when a property developer gave away hundreds of 5 notes.

The 308 fivers were stuck onto a 48ft poster on the side of a building in south London's Elephant and Castle.

Among those to profit from the two-minute cash-grabbing frenzy was a schoolboy, cleaner and bin man.

Oakmayne Properties, behind the publicity stunt, is redeveloping the 20m South Central East building.

The company which also gave 1,000 to the local St Mungo's homeless charity, said they wanted to get people to invest in the area.

The redevelopment, the first project in a 1.5bn regeneration of Elephant and Castle, is described as "mixed use" and will have 88 private flats - costing between 265,000 and 450,000 - office space and 25 units of affordable housing.

Removing Heygate Estate
Building 4,200 homes
Re-routing traffic
New city academy
Four new open spaces
New retail and leisure space
New civic square
Two new "landmark" buildings

The plan for regenerating the170-acre site was adopted by Southwark Council last year.

Elephant and Castle's red shopping centre and five 12-storey blocks of flats are to be demolished and the gyratory road system will be re-routed.

In its place, there would be 4,200 new and replacement homes, four new open spaces, a new civic square and a market square using "forgotten" Victorian railway arches.

Massive revamp for the Elephant
20 Feb 04 |  London

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