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News Release

London

JLL Residential advises on landmark Central London land sale

Disposing of Vauxhall Square for £157m


​London, 8 May 2017 – JLL Residential has advised CLS Holdings on the disposal of Vauxhall Square to leading Chinese property developer R&F Properties for a headline price of £157.77m. The 3.4 acre site is located in the largest regeneration area in central London and has planning permission for a residential-led, mixed-use scheme of approximately 1.5 million square feet (c.139,000 square metres). R&F Properties is expected to invest around £1bn to deliver the scheme which will become a new commercial and community hub for the area.

Vauxhall Square is a mixed-use scheme comprising residential, office, hotel, retail and leisure uses across 8 buildings. The development includes two 52 storey towers and two large office buildings around a new landscaped public square. The completed scheme will include a total of 578 residential apartments.

The JLL Residential Land, Residential Capital Markets, Office Agency and Hotels teams advised CLS Holdings on the sale in conjunction with JLL’s ICG teams from across the globe. There was very strong interest generated from the Far East and mainland China in particular, with Eric Pang and the ICG China Desk playing an integral role in securing an exchange and completion within very swift timescales.

James Thomas, Director, JLL Residential commented: “This landmark transaction represents one of the largest and most significant land deals to take place in central London in recent months and demonstrates the on-going commitment to London as the number one investment proposition for international capital.

“The interest generated by our international marketing campaign further shows the continued confidence in Vauxhall Nine Elms Battersea as a key growth and opportunity area where both UK and overseas parties are competing to invest capital.”

CLS executive chairman Henry Klotz said: “The sale of Vauxhall Square is a milestone in the history of CLS. Having bought the site nearly 30 years ago and secured planning in 2013, we are pleased now to have exchanged contracts at a price above its year-end valuation.”

“R&F Properties has extensive residential development experience and we are delighted that it will soon create a vibrant residential, office and retail development to enhance Vauxhall, an area in which we retain over £330 million of long-term investments.”