London-listed office investor CLS Holdings said it intends to submit a planning application in the autumn for an 18,100-m2 mixed-use development, adjacent to Spring Gardens in Vauxhall, south London. The project will cost around £46 mln (EUR 52 mln) to develop.

The scheme will consist of a 408 bed student housing unit, a 120-bed budget hotel, a 325-m2 retail unit, 520-m2 of business units and a community centre.

CLS said in a statement it is already in discussions with potential tenants for pre-lets for the hotel, student housing and retail unit. Subject to planning permission, construction will commence in the second half of 2012.

'These mixed-use proposals can provide substantial investment and regeneration into the Vauxhall area while meeting the significant demand for student accommodation and hotel rooms in central London,' said Sten Mortstedt, executive chairman of CLS.