INDUSTRY NEWS

CLS reveal plans for Vauxhall development

Property company, CLS Holdings, has revealed plans for a new £400m project that will see, if granted planning permission, the construction of 163,945 sq ft of London office space.

As well as office space, the ambitious development project also features plans for two 50-storey towers – each containing 510 homes – a 438 bed hotel, 37,660 sq ft of retail space, a public square, a four-screen cinema, 96 affordable homes, a hostel for the homeless and 416 units designed for students.

Depending on the outcome of the planning application, CLS have penned a 2014 date for work on the project to begin; from 2017 onwards, work on the development will then be completed in phases.

In total the project is set to cost over £400 million.

Chief executive officer for CLS Holdings, Richard Tice, spoke about the project.

He said: “The substantial mixed-use scheme is a key element to the Vauxhall Nine Elms regeneration plans. It will crate a new vibrant heart for Vauxhall and over 1,000 additional full-time jobs across a broad range of skills, both during and after construction.”

Finishing, Mr Tice added: “The investment of over £400 million will bring substantial benefits to a wide range of stakeholders and is not dependent on the Northern Line extension.”

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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