CLS Vauxhall Square scheme approved
CLS Holdings, the London based property investment company, has been granted planning permission for its Vauxhall Square scheme in Nine Elms, London SW8.
The 143,000 sq ft mixed-use scheme will be constructed at the heart of the Vauxhall Nine Elms opportunity area, between Vauxhall transport interchange and the new US Embassy.
Construction of the scheme is projected to begin in 2015, with costs expected to be in excess of £500 million.
When complete, the project will create 520 new homes, consisting of 410 private homes in two 50 storey towers, alongside 22,732 sq m of Grade A office space, 3,119 sq m of retail space and two hotels of 278 and 123 suites each.
The development will also encompass a number of features aimed at benefitting the local community, utilising a 50 bedroom hostel for the homeless, 359 affordable student rooms, 110 affordable homes, a 3,777 sq m multi-screen cinema and a substantial new public square.
Chief executive officer of CLS, Richard Tice, commenting on the news, 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."
CLS said they can now begin progressing discussions on the schemes phasing, design, pre-letting and funding options.