CLS Holdings developments jump in value

 
Kasmira Jefford
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CLS HOLDINGS yesterday posted a surge in its net asset value thanks in part to planning success on two major development schemes in the Vauxhall area.

The property firm posted a 17.4 per cent jump in net asset value to 1,154.4p per share in 2012.

CLS is planning to build two mixed-use schemes in the Nine Elms regeneration area close to the new US Embassy.

The £500m Vauxhall Square project and the Spring Mews development rose 51.7 per cent in value after winning planning consent last year.

CLS chief executive Richard Tice said it is in advanced talks with a major hotel group to run the 100 bed hotel at Spring Mews. The site, which will also contain student accommodation, is expected to be completed in 2014.

The group said profit before tax rose 48.8 per cent to £56.1m. The value of its London portfolio rose by 4.7 per cent to £437.5m, and like-for-like rental income rose by 2.4 per cent to £68.3m.