CLS Holdings disposes of Quayside Lodge for £19m
Property investment company CLS Holdings has unconditionally exchanged contracts to sell the Quayside Lodge in Fulham to SMC Fulham for £19m - a 14% premium to the property's 31 December 2018 valuation.
CLS opted to dispose of the site following the grant of detailed planning permission for a new 10-storey residential and office development and its higher alternative use value, leaving limited scope for the group to add further value.
The FTSE 250 company acquired the Quayside Lodge in 2004 and secured detailed planning permission last year for a new 160,000 square foot expansion designed by architects EPR.
The new development will provide 11,500 square foot of new office space, 110 residential units, 35% of which will be affordable housing, as well as 200 cycle spaces and electric car charging points.
Head of group property Simon Wigzell said: "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."
At 0830 BST, CLS shares were up 1.57% to 216.86p.