New Vauxhall Development proposal (9344K)
July 25 2011 - 2:00AM
UK Regulatory
TIDMCLI
RNS Number : 9344K
CLS Holdings PLC
25 July 2011
Release date: 25 July 2011
Embargoed until: 07:00
CLS Holdings plc
("CLS", the "Company" or the "Group")
Vauxhall - New Spring Mews Development
CLS Holdings plc announces that following a public consultation
and detailed discussions with planning officers, it intends to
submit a planning application in the autumn for an 18,100 sq m
mixed use development, Spring Mews, on the site it has assembled
adjacent to Spring Gardens in Vauxhall, SE11. The scheme is
proposed to consist of 408 beds of student housing together with a
120 bed budget hotel, a 325 sq m retail unit, 520 sq m of business
units and a replacement 560 sq m Community Centre.
The Group is already in discussions with potential tenants for
pre-lets for the hotel, student housing and retail unit. Subject to
planning, it is intended that construction will commence in the
second half of 2012. The proposed development would have a
development cost of approximately GBP46 million.
The scheme is on a separate site half a mile from the proposed
Vauxhall Square development, for which the Group announced its
plans in February 2011 and on which the Group expects to submit an
application towards the end of this year.
Sten Mortstedt, Executive Chairman of CLS, commented:
"These mixed-use proposals can provide substantial investment
and regeneration into the Vauxhall area whilst meeting the
significant demand for student accommodation and hotel rooms in
central London.
As a long standing local Vauxhall based company, we are pleased
to be able to work together with the Vauxhall Garden Community
Centre to provide a brand new Community Centre facility within
these plans."
-ends-
For further information, please contact:
CLS Holdings plc +44 (0)20 7582 7766
www.clsholdings.com
Sten Mortstedt, Executive Chairman
Henry Klotz, Executive Vice Chairman
Richard Tice, Chief Executive Officer
Kinmont Advisory +44 (0)20 7087 9119
Jonathan Gray
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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