Housing secretary Robert Jenrick has approved Saudi-backed developer VCI Property Holding’s plans for a £600m mixed-use scheme at the Vauxhall Cross Island site, SW8.
The called-in application proposes a mixed-use scheme with two towers of 53 and 42 storeys, to provide 1.2m sq ft of development stretching up to 185m in height.
It comprises 257 homes, a 618-bedroom hotel, 212,000 sq ft of offices, a public square and retail space.
Dubai-registered Rassmal Investments, which is backed by the Al Shawaf family, exchanged contracts to buy the site in February 2016, through Guernsey-listed vehicle VCI Property Holding. The investor has appointed London developer Great Marlborough Estates to deliver the project.
Plans for the scheme from Zaha Hadid Architects were submitted in November 2017 and approved by Lambeth Council in December 2018. It has since awaited final approval from the secretary of state.
The luxury private market sale flats will have an average price exceeding £1m, with sales values estimated at £1,425 per sq ft, according to the viability appraisal.
The development includes 23 affordable homes and a £30m payment for off-site affordable housing, which is expected to deliver a further 54 affordable homes, equating to 30% affordable housing delivery.
Jenrick followed the inspector’s recommendations to approve the scheme, highlighting its contribution to creating a new district centre in Vauxhall.
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