CLS Given Green Light for Vauxhall Development

on Dec 20, 2012
Listen

**£500m Tower-Led Development Project**

A development plan, which aims to turn a large site at Vauxhall Square on the south bank of the river Thamesinto a new residential and commercial hub, has been endorsedby Lambeth council, The Times reported on 20 December 2012.
According to the approved detailed planning application, which was submitted by property management company CLS Holdings (LON:CLI) a year ago, the proposed development in Vauxhall will be a 143,000square metres mixed-use project, which will cost about £500 million to build.The developer’s plan features two 50-storey towers, consisting of 410 flats. The first 10 floors of one of the towers will be a hotel. There will also be another smaller 20-storey building which will have 110 affordable homes, making for a total of 520 new homes to be built as part of the planned Vauxhall development.

*The Times* quoted CLS’s chief executive Richard Tice as saying: “The two 50-storey towers will be identical to look at and slightly slimmer than normal towers, with a stone and glass facade. We don’t have any hotel operators lined up yet but we think hotel demand will be huge.”
CLS’s development plan, which was approved by the London borough of Lambeth on Tuesday, also includes two office buildings — totalling 22,732 square metres in size — a 278-bedroom hotel, a 123-suite hotel, a 50-bedroom hostel for homeless people, a four-screen cinema and associated community facilities, as well as a new public square and public amenities improvements.

CLSsaid that it will seek to pre-let one or both of the planned hotels, pre-sell some of the flats and pre-let part of the office space before beginning on site.The property company is scheduled to commence building work in early 2015 and complete the project within five to seven years. The developmentwill be located at the centre of Vauxhall Nine Elms, between the Vauxhall transport interchange and the new US Embassy in south London – an area set to undergo significant transformation over the next few years.

**Vauxhall’s Skyline to Be Transformed, But What About English Heritage**
According to CLS’s CEO Mr Tice, Vauxhall has always been “a place to pass through and not stop”. Now, however, the developer sees that Lambeth planners recognise that for such acentrally-locatedarea Vauxhall has been left behind and needs regeneration. “Change doesn’t happen overnight, but it does happen,” he added.

!m[London Borough of Lambeth Gives Go-Ahead to £500m Mixed-Use Development on South Bank of Thames ](/uploads/story/1074/thumbs/pic1_inline.png)
Vauxhall has been designated by the Greater London Authority as a “tall building” cluster. Apart from CLS, a number of other developers with sites in the area are also planning tower-led developments. If all the projects get permission and funding, within the next decade Vauxhall’s skyline could be transformed with about six new skyscrapers.
This perspective has triggered certain concerns.While the two towers planned by CLS are in accordance with the Greater London Authority’s development strategy for the area, built environment conservation adviser English Heritage has raised concerns about the visibility of the tops of the two tallest residential towers in views of Battersea Power Station from Battersea Park, views of the Royal Festival Hall from Waterloo Bridge and views outwards from Trafalgar Square.But the planning officer’s report said that the Lambeth council planners support the applicant’sargument that, “whilst the height of the towers meant that they could be seen in the views identified by English Heritage, they did not have a negative impact on any heritage assets as defined by the National Planning Policy Framework”.
CLS Holding’s share price was trading at £757.50 at 10 am on Thursday December 20th

Ad

Invest in stocks, digital assets, ETFs & more in minutes with our preferred broker, eToro.

10/10

76% of retail CFD accounts lose money. Your capital is at risk.

Visit site

Featured Broker

Looking to invest?

Invest globally in stocks, options, futures, currencies, bonds and funds from a single unified platform, with our highest-rated broker.

Ad
Commercial Real Estate Real Estate Residential Real Estate