London Square has purchased a development site in Vauxhall that has planning permission for a 36-storey residential tower for £32m from a private investor.
The zone one site, which is one of the few remaining key tranches of land with development potential within the Vauxhall/Nine Elms and Battersea Opportunity Area, is currently home to a two-storey dilapidated office block and warehouse.
Adam Lawrence, founder and chief executive of London Square, said: “This is another highly strategic acquisition in the growth of London Square’s presence in Central London. Our scheme at One Linear Place in neighbouring Nine Elms is seeing significant demand and has demonstrated the appeal of the area as regeneration continues to transform the district.”
Tom Moore, senior director at CBRE, who advised the vendor on the sale, added: “The Belmont site in Vauxhall represented a rare, consented, residential development opportunity of scale close to the US Embassy and Apple’s new UK headquarters. The residential development market has seen renewed activity in 2024 as demonstrated by this transaction.”
