You've opened a BIG can of worms there! The buildings were indeed going to be knocked down, but a rear-guard action by local people persuaded Southwark to grant them listed status, pending the creation of a conservation zone around the area. Mind you, this didn't stop South Bank Uni from knocking down the old Sunday School, sadly not listed but well within the proposed conservation zone. So: the current state of play is that SBU can't knock the old buildings down, but are seemingly reluctant to do anything to restore them. At a public meeting recently Simon Hughes MP suggested some kind of preserved-facade redevelopment, which would make everyone happy, SBU has yet to respond, as far as I'm aware. Dog in the manger? We'll see.
Regeneration is currently in the planning stages. A developer (Southwark Land Regeneration) has been appointed, and now they're drawing up plans & seeking relevant permissions. Nothing will happen till at least late next year, but then prepare yourself for living in a building site for the foreseeable future! Heygate Estate is, I believe, the first thing to go, and I guess the shopping centre will follow shortly afterwards. The plans are ambitious and exciting, You should be receiving the E&C consultation newsletter through your door, if not contact the project team on 7525 4903. By the way, the developers are actively seeking input from local people about how the development should affect the area: ask them how to get involved or join your local tenants/residents association!