CLS agrees Spring Gardens lease extension before redevelopment

(Alliance News) - CLS Holdings PLC on Thursday said it has agreed a seven-month extension to existing leases at Spring Gardens in London, worth GBP7.0 million in additional rent.

The London-based commercial property investment company said the lease extension to the end of September 2026 is with the National Crime Agency.

The company said the lease extension fits around plans to redevelop Spring Gardens as Citadel Place.

CLS Holdings said Citadel Place in Vauxhall will provide 500 homes across three blocks, the tallest of which will be 22 storeys high.

The development will also feature communal spaces, retail units on the ground floor and newly landscaped open spaces.

CLS said it is targeting planning submission in the second quarter of 2025.

Chief Executive Officer Fredrik Widlund 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."

CLS Holdings shares were up 1.1% to 73.19 pence in London on Thursday morning.

By Michael Hennessey, Alliance News reporter

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