Property developer CLS Holdings submitted a detailed planning application in December 2011 for its 143,000 square metre mixed-use scheme at Vauxhall Square on the south bank of the Thames.
The site is at the heart of the Vauxhall Nine Elms opportunity area, between the Vauxhall transport interchange and the new US Embassy.
Construction of the scheme is expected to begin in 2015 and CLS will now progress discussions on phasing, design, pre-letting and funding options. The cost of the scheme is expected to be in excess of £500m.
The scheme includes:
- 520 new homes in two 50-storey towers
- 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 hostel for the homeless and 359 student rooms
- a 3,777 sq m multi-screen cinema and associated community facilities
- a new public square and public realm improvements
CLS chief executive Richard Tice said: "We are delighted to have secured this major planning approval in the main central London regeneration area, which is undergoing rapid transformation and attracting the attention of investors worldwide. The project is expected to create over 5,000 construction jobs, 2,000 permanent jobs, and deliver more than £500m of inward investment into the Vauxhall area."