Work to develop new student accommodation in London is set to get underway in the new year.

CLS Holdings has sold a car parking site on Miles Street, Vauxhall to developer Urbanest in a deal worth £25 million.

The purchase means work can now begin on building a 454 room, 30-storey student building as part of CLS's £400m Vauxhall Square development project.

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Development on the building will begin in 2016, implementing planning consent for the whole scheme.

Other features of the project includes a multi-screen cinema, new restaurants, a new hotel and a new homeless hostel.

Sten Mortstedt, Executive Chairman of CLS Holdings, 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."

(LM/MH)