Vauxhall Redevelopment (5689A)
February 03 2011 - 2:00AM
UK Regulatory
TIDMCLI
RNS Number : 5689A
CLS Holdings PLC
03 February 2011
Release date: 3 February 2011
Embargoed until: 07:00
CLS Holdings plc announces major Vauxhall redevelopment
proposal
("CLS", the "Company" or the "Group")
CLS today reveals initial details of its proposals for the
redevelopment of its 2.9 acre HQ site at Vauxhall Cross, adjacent
to the Vauxhall train, Underground and bus stations, and close to
the new US Embassy. CLS has been a major investor in Vauxhall for
20 years and the proposed mixed use scheme is for approximately 1.2
million sq ft gross area (111 483 sq m). The scheme has been
designed by leading architects Allies and Morrison and is proposed
to include:-
-- a major new public square (similar in size to Paternoster
Square in Central London)
-- over 200,000 sq ft (18,580 sq m) of offices
-- a 300 bed hotel
-- over 80,000 sq ft (7,432 sq m) of retail with restaurants and
bars
-- over 400 residential apartments in two towers of over 40
storeys
-- a 6 screen cinema
-- approximately 240 bed student housing
In addition to the proposed redevelopment of the island site
bounded by Bondway, Miles Street, Wandsworth Road and Parry Street,
CLS is proposing an innovative solution to the issue of pedestrian
movement around the busy Vauxhall gyratory road system. The
proposal, by incorporating a series of elegant contemporary aerial
walkways to be known as "the Linear Walk", will link the different
sites and streets around Vauxhall Cross, opening up the area for
its next phase of regeneration to coincide with the arrival of the
US Embassy. In order to facilitate the highest quality proposal for
the site, CLS has launched an international design competition for
the Linear Walk with a shortlist of specialist architects
comprising Exploration Architecture (France), Heneghen Peng
(Ireland), Knight Architects (UK), Marks Barfield (UK) and RFR
(France).
An exhibition open to the public will be held on Friday 11th and
Saturday 12th February on 19th floor of the adjacent Market Towers
building which overlooks the site. More details of the scheme can
be found at www.vauxhallsquare.co.uk.
CLS intends to submit a detailed planning application in late
2011 and vacant possession of the site is expected in 2014. Subject
to receipt of an acceptable planning consent, the scheme is
intended to be developed for completion in 2016/2017, which is
similar to the anticipated delivery of the new embassy. The scheme
is expected to have a development cost in the region of GBP250
million.
Richard Tice, Chief Executive Officer of CLS, said:
"These significant regeneration plans can provide Vauxhall with
a new public square the size of Paternoster Square and establish
the area as the next major London growth zone, just over a mile
from the Houses of Parliament. We believe they can accelerate the
redevelopment anticipated around the new US Embassy and provide an
innovative solution to one of the major blights of the Vauxhall
area, namely the congested and difficult to navigate gyratory
system.
"We have already secured substantial support from early
discussions with a number of key stakeholders and major nearby
landowners. In addition, the US Embassy has confirmed that they
encourage the creation of a pedestrian friendly environment that
connects Vauxhall to their new building. As a long-standing local
Vauxhall-based company and sponsor in the local community, CLS
looks forward to discussing these exciting plans with all
stakeholders."
-ends-
For further information, please contact:
CLS Holdings plc +44 (0)20 7582 7766
www.clsholdings.com
Richard Tice, Chief Executive Officer
Smithfield +44 (0)20 7360 4900
Alex Simmons
This information is provided by RNS
The company news service from the London Stock Exchange
END
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