Carillion has been selected as the preferred bidder for a £150m residential-led redevelopment in the Vauxhall Nine Elms opportunity area, SW8.
Lambeth College launched an OJEU process to find a commercial partner to develop its Wandsworth Road campus in the summer.
Plans for the scheme, known as Vauxhall Exchange, include 200 flats with an end value of £90m alongside a 56,000 sq ft hotel and a 108,000 sq ft skills centre, valued at £60m in total.
Carillion, which last month bought a majority stake in Ask Developments, did not pay a cash sum for the 2.3-acre site, which sits adjacent to St Modwen’s New Covent Garden Market. It will redevelop the whole scheme including the college and retain the revenue from the sale of the hotel and residential components. The disposal revenue will part fund the development of the skills centre.
London Enterprise Panel has also provided funding for the college. Lambert Smith Hampton advised Lambeth College.
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