Vauxhall Square Planning Application Approved

RNS Number : 8781T

CLS Holdings PLC

19 December 2012

 

Release date:                19 December 2012                                            

Embargoed until:            Immediate release

CLS Holdings plc

("CLS", the "Company" or the "Group")

Planning Application approved for Vauxhall Square mixed-use scheme, Vauxhall, London

CLS Holdings plc is pleased to announce that planning approval has been granted on its 143,000 sq m mixed-use scheme at Vauxhall Square, London SW8.

Highlights of the scheme include:

·    520 new homes, consisting of 410 private homes in two 50 storey towers and a further 110 affordable homes

·    22,732 sq m of offices

·    3,119 sq m of retail space

·    a 278 bedroom hotel and a 123 suite hotel, a 50 bedroom new hostel for the homeless and 359 student rooms

·    a 3,777 sq m multi-screen cinema and associated community facilities

·    a substantial new public square and public realm improvements

The site is at the heart of the Vauxhall Nine Elms opportunity area, between the Vauxhall transport interchange and the new US Embassy.

Construction of the scheme is expected to begin in 2015 and the Group will now progress discussions on phasing, design, pre-letting and funding options.  The cost of the scheme is expected to be in excess of £500 million.

Chief Executive Officer of CLS, Richard Tice, commented:

"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."

-ends-

For further information, please contact:

CLS Holdings plc                                                         [phone]

www.clsholdings.com   

Sten Mortstedt, Executive Chairman

Henry Klotz, Executive Vice Chairman

Richard Tice, Chief Executive Officer

Liberum Capital Limited                                             [phone]

Tom Fyson

Charles Stanley Securities                                          [phone]

Mark Taylor

Kinmont Limited                                                          [phone]

Jonathan Gray

Smithfield Consultants (Financial PR)                         [phone]

Alex Simmons

 

END

 

 

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