£400 million development plans revealed
Affordable housing units and a homeless hostel form part of the plans for a £400 million development in the heart of London.
Planning permission was submitted on Tuesday for the ‘Vauxhall Square’ regeneration project which would see two residential towers of 50 stories erected in Vauxhall Nine Elms - an area minutes from transport connections and the proposed site of the new US Embassy.
As well as 94 affordable housing units and the homeless hostel, the 154,000 square meters development will include 510 homes, 416 student units, a hotel, 15,231 square metres of office space and 3,500 square meters of retail, restaurants and café space.
A major new public square of similar size to the Paternoster square in the City of London and improvements of public areas will also take place.
Developers CLS Holdings plc aim to start onsite in 2014, subject to receiving planning consent and complete the from 2017 onwards
Chief executive Richard Tice, said: ‘This substantial mixed-use scheme is a key element to the Vauxhall Nine Elms regeneration plans. It will create a new vibrant heart for Vauxhall and over 1,000 additional full-time jobs across a broad range of skills, both during and after construction.
‘The investment of over £400 million will bring substantial benefits to a wide range of stakeholders and is not dependent on the Northern Line extension.’