StockMarketWire.com - CLS Holdings said it had unconditionally exchanged contracts to sell Quayside Lodge in Fulham to SMC Fulham for £19m.

The sale represented a 14% premium to 31 December 2018 valuation, following the grant of detailed planning permission for a new 10-storey residential and office development, the company said.

The decision to sell the property was driven by its higher alternative use value and limited scope for CLS to add further value, the company added.

The Quayside Lodge was acquired by CLS in 2004 and secured detailed planning permission last year for a new 160,000 sq ft expansion designed by architects EPR.

'The new development will provide 11,500 sq ft of new office space, 110 residential units, 35% of which will be affordable housing. The property will also include 200 cycle spaces and electric car charging points,' the company said.


At 8:01am: [LON:CLI] CLS Holdings PLC share price was +1p at 214.5p



Story provided by StockMarketWire.com