CLS Holdings has received planning permission to build its 143,000 sq m mixed-use twin tower scheme at Vauxhall Square within the Nine Elms development zone.
The developer will start exploring design, pre-letting and funding optiones with a view to starting construction in 2015.
The scheme is located just south of Vauxhall island, which will be the site for a separate £400m twin tower scheme approved in August.
The Vauxhhall square scheme will include 520 new homes comprising 410 private homes in two 50 storey towers and a further 110 affordable homes, 22,732 sq m of offices, 3,119 sq m of retail space a 3,777 sq m multi-screen cinema and associated community facilities.
The development is valued at over £500m and will also feature a 278 bedroom hotel and a 123 suite hotel, a 50 bedroom new hostel for the homeless and 359 student rooms in addition to a new public square and public realm improvements.
CLS chief Executive Officer of Richard Tice expects the scheme to create over 5,000 construction jobs and 2,000 permanent roles.
The Vauxhall Square site sits in the 195 hectare Nine Elms opportunity area, which received a boost earlier this month when chancellor George Osborne announced £1bn government backing for a Northern Line extension to Battersea.
The National Infrastructure Plan 2012 update says the extension is “key to the redevelopment of Battersea Power Station and the regeneration of an historic part of London”.
The scheme will feature:
- 520 new homes, consisting of 410 private homes in two 50 storey towers and a further 110 affordable homes
- 22,732 sq m of offices
- 3,119 sq m of retail space
- a 278 bedroom hotel and a 123 suite hotel, a 50 bedroom new hostel for the homeless and 359 student rooms
- a 3,777 sq m multi-screen cinema and associated community facilities
- a substantial new public square and public realm improvements
The proposal would create new tube stops on Wandsworth Road in Lambeth and at Battersea Power Station in Wandsworth, both of which would be located within the Nine Elms redevelopment area.
Wandsworth council said the two previous consultations showed “strong support” for the extension, which is set to generate up to 25,000 jobs and 16,000 new homes.