Member Article

Urbanest acquires London MIles Street site for £25m

Central London student accommodation developer and operator, Urbanest has acquired the leasehold interest on a car park in Miles Street in Vauxhall, in south London.

Property investment company, CLS Holdings plc sold the 250 year leasehold interest in a deal worth £24.8m - £3.2m higher than the car park’s book value at 31 December 2014.

The car park site 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.

Sten Mortstedt, Executive Chairman of CLS Holdings plc, said: We are delighted to have concluded this transaction with such a well-respected student operator, and look forward to our vision for Vauxhall Square beginning to become a reality. Urbanest will bring excitement to the area and further enhance a vibrant community feeling in Vauxhall.“