Far East Consortium International Limited has announced its subsidiary’s acquisition of the Vauxhall Square development in central London from a subsidiary of Guangzhou R&F Properties Co. for approximately £95.7 million.

The existing planning consent aims to transform the site into a mixed-use development that will comprise two residential towers, offices, a hotel, student accommodation (already built), a cinema, retail and restaurants. Following completion of the acquisition, FEC will review all current development plans, which will be subject to change.

John Connolly, Head of UK Development at FEC, commented: “As specialists in creating innovative, functional mixed-use developments, we knew we wanted to add another large-scale project to our portfolio. However, these larger sites are typically hard to come by, especially in central London. Of course, we were delighted when the opportunity arose to acquire Vauxhall Square since it is exactly the type of development we were looking for, marking another step forward for FEC. The site at Vauxhall Square has so much potential, and I am confident we will be able to apply our expertise and experience to deliver a space that responds to the needs of local and new residents alike.”