CLS Holdings plc ("CLS" or
the "Group")
Lease extension and updated
redevelopment plans for Spring Gardens
CLS has agreed a 7-month extension
to the existing leases at Spring Gardens with the current occupier,
the National Crime Agency ("NCA"), which will add £7.0 million of
additional rent in 2026. The leases have been agreed to end
on 28 September 2026, which also aligns with the proposed overall
development programme. The leases will be formally documented in Q2
2025.
CLS is also pleased to announce an
update on its redevelopment plans for Citadel Place (currently
known as Spring Gardens) in Vauxhall, London.
CLS has owned this strategic site in
Zone 1 since the Group first developed it as offices in the early
1990s. Citadel Place now provides a unique opportunity to
build on the regeneration of this part of Vauxhall by bringing
forward a scheme which is wholly residential led.
Working closely with renowned
architectural firm Allies and Morrison and the London Borough of
Lambeth, the design work is moving forward at pace. In addition to
being at the forefront of sustainable design, the development will
also seek to ensure that it blends in well with its vibrant
surroundings and takes full advantage of Vauxhall's excellent
transport links.
The target date for the planning
submission is Q2 2025 and the revised redevelopment proposals
include:
- Residential homes: the
scheme will provide in the region of 500 homes across three blocks.
The tallest of these will extend to 22 storeys, providing excellent
views across London;
- Shared amenity spaces: Residents and visitors will enjoy communal spaces
designed for relaxation, recreation and social
interaction;
- Active ground floor uses: Retail units and other ground-floor spaces will
contribute to the vibrancy of the development and provide a place
for people to meet;
- New open space: Citadel
Place will feature landscaped areas, including play spaces,
enhancing the quality of life for residents; and
- Connected pedestrian routes: a new pedestrian route will be created to access the
local green spaces and local amenities, encouraging movement and
interaction.
Fredrik Widlund, CEO of CLS Holdings, said:
"We are pleased that the NCA have chosen to extend their
tenure at Spring Gardens, and we look forward to working closely
with them to ensure a smooth continuation of their tenancy.
Furthermore, securing the future of the site through its
redevelopment for residential use as Citadel Place demonstrates our
commitment to sustainable urban development and long-term
shareholder value".
Public Consultation:
- We are
committed to an inclusive public consultation process. Local
residents, businesses and stakeholders will have the opportunity to
provide feedback on the proposed plans.
- The next
public consultation session will be held on 19 March 2025, which
will be an in-person session close to the site. We will invite
consultees to make verbal or written feedback. Please
contact contact@citadelplace.co.uk
for further details.
-ENDS-
For further information, please
contact:
CLS
Holdings plc
(LEI:
213800A357TKB2TD9U78)
www.clsholdings.com
Fredrik Widlund, Chief Executive
Officer
Andrew Kirkman, Chief Financial
Officer
+44 (0)20 7582 7766
Panmure Liberum
Jamie Richards
David Watkins
+44 (0)20 3100 2000
Berenberg
Carl Gough
Harry Nicholas
+44 (0)20 3207 7800
Edelman Smithfield (Financial PR)
Alex Simmons +44 7970 174
353
Hastings Tarrant +44 7813 407
665
cls@edelmansmithfield.com
