(Sharecast News) - Commercial property investor CLS Holdings has unveiled development plans for its Citadel Place site in London's Vauxhall, aiming to create a "vibrant community hub" once current leases expire in 2026.
The plans include building 180 to 200 new residential homes, purpose-built student accommodation with around 450 bedrooms, shared amenity spaces, retail spaces on the ground floor, as well as landscaped and play areas outside.
The plans, developed with architectural firm Allies and Morrison, will transform the current low-rise office buildings built in the 1990s, which will become vacant in to years' time.
"Citadel Place represents our commitment to sustainable urban development," said CLS's chief executive Fredrik Widlund.
"We envisage a place where people can live and thrive; supporting the community within Vauxhall. CLS has operated and invested in the Vauxhall area for over 35 years and continues to work closely with the London Borough of Lambeth, residents and the local business community and we are excited to now start on the next phase of development."
CLS now will enter into public consultation period with the first in-person session happening on 18 July, where local residents, businesses and stakeholders have an opportunity to provide feedback on the proposed plans. Subject to consultations with the community and the council, planning applications should be submitted early next year, the company said.
The stock was down 1.6% at 91.95p by 0901 BST.
CLS Holdings (CLI)