INDUSTRY NEWS

£500m CLS project will create 22,732 sq m of new London office space

CLS Holding’s planning permission for the £500 million construction of a mixed-use twin tower scheme has now been granted.

The 143,000 square metre development site is located at Vauxhall Square, within the Nine Elms development zone.

The developer will now look into design, pre-letting and funding options in preparation for construction work – which is expected to start in 2015.

Designed by Allies & Morrison, the development is located between the Vauxhall interchange and the new US Embassy and will see the construction of two towers, with one 48 storeys and the other 50 storeys in height.

The development will lead to the creation of 22,732 sq m of London offices as well as 3,119 sq m of retail space and a mixture of private and affordable homes.

The proposal will also see the creation of a new tube stop on Wandsworth Road in Lambeth and also one at Battersea Power Station in Wandsworth.

CLS chief executive officer, Richard Tice, said :”We are delighted to have secured this major planning approval in the main Central London regeneration area, which is undergoing rapid transformation and attracting the attention of investors worldwide.

“The project is expected to create over 5,000 construction jobs, 2,000 permanent jobs, and deliver more than £500 million of inward investment into the Vauxhall area.”

The area received a further boost last month when chancellor George Osborne announced government backing to a total of £1bn for the extension of the Northern Line to Battersea.

CLS Holding is a commercial property company with assets in areas across Europe including London, France and Germany.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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