CLS sells London car park leasehold for GBP24m

14th Dec 2015 07:27

(ShareCast News) - CLS Holdings said it has sold a 250 year leasehold interest in a London car park for £24.8m to Urbanest, the specialist central London student accommodation developer and operator.The car park site in Vauxhall has planning consent for a 454 room, 30 storey student building as part of CLS's 147,000 sqm (1.58 million sq ft) Vauxhall Square development scheme.Urbanest expects to begin the development of the student building early in 2016, which will implement the planning consent for the whole of the Vauxhall Square scheme, CLS said in a statement. The sale proceeds were £3.2m higher than the car park's book value at 31 December 2014.