11th Feb 2016 08:17
LONDON (Alliance News) - CLS Holdings PLC Thursday said authorities have agreed to change the existing planning permission for a development in Lambeth, London, which will allow the company to offer more office space than originally planned.
CLS Holdings said the Lambeth Council Planning Committee has passed a resolution to grant an amendment to the existing planning permission covering CLS's mixed-use development at Vauxhall Square.
The principal difference will see CLS replace a four-star hotel at the site with 108,586 square feet of office space. CLS said it is keen to offer more offices at its developments in London as the city is under-supplied.
"We are delighted to have increased the element of offices in our Vauxhall Square scheme, which plays to our strengths as office specialists. They will bring much needed commercial space and jobs to an undersupplied area at a time of high occupational demand and rising office rents," said Chairman Sten Mortstedt.
The extra office space will push the total amount of office space at the development to over 350,000 square feet, representing around 30% of the total 1.6 million square foot space at the development.
The development will comprise of 454 apartments in two 50 storey towers, 124 "affordable" apartments, 353,300 square foot of office space, a 186 suite hotel, a multi-screen cinema, a hostel and 39,800 square feet of commercial retail space.
The scheme also includes a 454 bedroom student block, the land for which was sold to Urbanest, the specialist student accommodation developer and operator, in December, said CLS.
CLS Holdings shares were untraded on Thursday morning, last trading at 1,458.0 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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