StockMarketWire.com - More than 100,000 sq ft of office space has been added to CLS Holdings' mixed-use development scheme at Vauxhall Square, London SW8, after Lambeth Council's planning committee passed an amendment to the existing planning permission.

The principal change replaces a four-star hotel with 108,586 sq ft (10,088 sqm) of grade A offices, increasing the office element in the scheme to over 350,000 sq ft, or 30%, in an area of London undersupplied with office space, and within one-third of a mile of the new US and Dutch embassies currently under construction. The company expects the amendment will enhance the value of the scheme when next valued by the external valuers at 30 June.

The amended 1.6 million sq ft (151,700 sqm) scheme will comprise 454 apartments in two 50 storey towers and 124 affordable apartments, 353,300 sq ft (32,820 sqm) of offices, a 186 suite hotel, 39,800 sq ft (3,697 sqm) of retail, a multi-screen cinema and a hostel.

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.

CLS Holdings executive chairman Sten Mortstedt said: "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."



At 9:42am: [LON:CLI] CLS Holdings PLC share price was -5.5p at 1452.5p



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