17 Jul 2019 07:00
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PRESS RELEASE
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Release date: 17 July 2019
Embargoed until: Immediate release
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CLS Holdings announces the sale of Quayside Lodge
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CLS Holdings announces that it has unconditionally exchanged contracts to sell Quayside Lodge in Fulham to SMC Fulham Limited for £19m, a 14% premium to 31 December 2018 valuation, following the grant of detailed planning permission for a new 10-storey residential and office development. The decision to sell the property was driven by its higher alternative use value and limited scope for CLS to add further value.
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Quayside Lodge, acquired by CLS in 2004, currently provides 32,000 sq ft of office space over three floors. CLS's in house development team secured detailed planning permission last year for a new, high-quality 160,000 sq ft expansion designed by architects EPR.
The new development will provide 11,500 sq ft of new office space, 110 residential units, 35% of which will be affordable housing. The property will also include 200 cycle spaces and electric car charging points.
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JLL acted for CLS Holdings on the sale.
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Commenting on the sale, Simon Wigzell, Head of Group Property at CLS, said:
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"This sale demonstrates that there is good demand for residential development sites in Central London locations that are designed to a high standard and have the benefit of full planning permission. Our in-house development team have proven our ability to secure long-term, value-add development opportunities from within our portfolio."
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 For further information, please contact:
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CLS Holdings plc
(LEI: 213800A357TKB2TD9U78)
www.clsholdings.com
Fredrik Widlund, Chief Executive Officer
Andrew Kirkman, Chief Financial Officer
+44 (0)20 7582 7766
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Liberum Capital Limited
Richard Crawley
Jamie Richards
+44 (0)20 3100 2222
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Whitman Howard
Hugh Rich
+44 (0)20 7659 1261
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Elm Square Advisers Limited
Jonathan Gray
+44 (0)20 7823 3695
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Smithfield Consultants (Financial PR)Alex Simmons
Rob Yates
+44 (0)20 3047 2546
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