Yes it is, coloquially and locally, although it's a very recent coinage (for marketing purposes) and is non specific as to what it actually means. Peckham is a real place on a map with clear boundaries. I was commenting on a comment which had suggested using Bellenden as a locator rather than the utilised 'Peckham'. The venue in question is in Rye Lane, not Bellenden Road, so saying Bellenden would be unhelpful. The OP appears to have recognised that, in a graceful way.
absolutely spot on CPR Dave - there is little point in making an area pretty if it's not in keeping with the area.
I very much doubt a new square will remain nice for long, unless there is an element of social cleansing, which I'm sure is on the cards
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