CLS has agreed a deal to sell Citadel Place (Spring Gardens) in Vauxhall, London, to London Square for an undisclosed price.
CLS and London Square will work together to progress planning of a residential-led redevelopment of the site with a planning application expected to be submitted in Q1 2026.
The agreement includes a conditional sale, subject to certain criteria being achieved in relation to planning with CLS retaining the income from the current lease until expiry.
The transaction is expected to release equity in stages over the next two years for CLS, following the repayment of existing debt. The valuation of the site by CLS’s external valuers as at 31 December 2025 was estimated to be circa £70m.
Fredrik Widlund, chief executive officer of CLS Holdings, said: “We are pleased to be progressing Citadel Place in partnership with London Square, a highly regarded residential developer with whom we have worked successfully before. This agreement enables us to advance a residential-led scheme that can deliver lasting benefits to Vauxhall and its community, while retaining the income from the current lease and crystallising value for shareholders over time.”
