Urbanest have bought a car park on the site of CLS's planned Vauxhall Square scheme, effectively kick-starting the £400 million development which is now due to break ground in early 2016.
The £25 million acquisition of the land by the London based student accommodation specialist means that once they start work, CLS can start redeveloping the rest of the site too (as per planning regulations in the area).
The car park currently has consent for a 30-storey student block with Urbanest saying they plan on building a 454-room block there. This will therefore be developed alongside CLS's two 50-storey residential towers, each containing 513 flats.
The scheme as a whole looks set to cost £400 million. It will also include a cinema, shops and cafes.
The Executive Chairman of CLS, Sten Mortstedt said, "We are delighted to have concluded this transaction with such a well-respected student operator, and look forward to our vision for Vauxhall Square beginning to become a reality. Urbanest will bring excitement to the area and further enhance a vibrant community feeling in Vauxhall."