CLS Holdings plc (LON: CLI) announced today 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.
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.
JLL acted for CLS Holdings on the sale.
Commenting on the sale, Simon Wigzell, Head of Group Property at CLS Holdings, 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.”