REG - CLS Holdings PLC - Updated redevelopment plans for Spring Gardens

CLS HoldingsAnnouncement

06/02/2025 07:00

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RNS Number : 0563W  CLS Holdings PLC  06 February 2025

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 (mailto:contact@citadelplace.co.uk)
for further details.

 

 

-ENDS-

 

 

For further information, please contact:

 

CLS Holdings plc
 

(LEI: 213800A357TKB2TD9U78)

www.clsholdings.com (http://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 (mailto:cls@edelmansmithfield.com)

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