The 143,000 square metre development site is located between the Vauxhall transport interchange and the new US Embassy. The scheme will include the construction of two towers reaching 48 and 50 storeys in height to provide 420 private homes. A further 100 affordable homes will be built along with 22,732 sq m of offices and 3,119 sq m of retail space.
The plans also include a 278 bedroom hotel, a 123 suite hotel, a 50 bedroom new hostel for the homeless as well as 359 student rooms, a 3,777 sq m multi-screen cinema and associated community facilities. The site will benefit from a substantial new public square and public realm improvements.
CLS said in a statement that they would now progress discussions on phasing, design, pre-letting and funding options.
"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," said CLS chief executive officer Richard Tice. "The project is expected to create over 5,000 construction jobs, 2,000 permanent jobs, and deliver more than £500 million of inward investment into the Vauxhall area."
CLS said it expects to start construction on the site in 2015.
