The 3.4-acre site has planning permission for a residential-led, mixed-use scheme and is set to receive £1bn of investment from R&F Properties to build a new commercial and community hub.
Vauxhall Square is a mixed-use scheme comprising residential, office, hotel, retail and leisure uses across eight buildings.
The development will feature two 52-storey towers, two large office buildings around a landscaped public square and when completed will include a total of 578 residential apartments.
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James Thomas, director at JLL Residential, said: “This landmark transaction represents one of the largest and most significant land deals to take place in central London in recent months and demonstrates the on-going commitment to London as the number one investment proposition for international capital.
“The interest generated by our international marketing campaign further shows the continued confidence in Vauxhall Nine Elms Battersea as a key growth and opportunity area where both UK and overseas parties are competing to invest capital.”
A JLL spokesperson said that there had been very strong interest from the Far East and mainland China.
Eric Pang, head of UK markets group China desk at JLL and his team played an integral role in securing the exchange.
CLS bought the site nearly 30 years ago and secured planning permission in 2013.