CLS adds replaces Vauxhall Square hotel with office space

CLS Holdings managed a win at the Lambeth Council this week, with the company revealing on Thursday that the borough's planning committee had granted an amendment to its mixed use Vauxhall Square SW8 development on the south bank of the Thames.

The FTSE 250 firm said the principal change replaced a four star hotel with 108,586 square feet of grade-A offices, increasing the total office space in the scheme to more than 350,000 square feet.

CLS said the addition was in an area of London undersupplied with office space, and within ⅓ mile of the new US and Dutch embassies, which were currently under construction.

The company expected the amendment would enhance the value of the scheme at its next valuation date on 30 June 2016.

"We are delighted to have increased the element of offices in our Vauxhall Square scheme, which plays to our strengths as office specialists," said CLS executive chairman Sten Morstedt.

"They will bring much-needed commercial space and jobs to an undersupplied area at a time of high occupational demand and rising office rents," he added.

The amended 1.6m square foot scheme would now comprise of 454 apartments in two 50-level towers, 124 'affordable apartments', 353,300 square feet of offices, a 186-suite hotel, 39,800 square feet of retail, a multi-screen cinema and a hostel.

It also featured a 454-bedroom student block, the land for which was sold to specialist student accommodation developer Urbanest in December.