McLaren and an undisclosed joint venture partner have placed under offer a 0.7 acre site next to Vauxhall station for £30m, under plans to develop one or more high-rise towers of up to 40 storeys. The site is home to Vauxhall Bondway Self-Storage, a building of around 100,000 sq ft.

McLaren declined to comment but is expected to devise plans for a scheme with residential, retail, student accommodation and a hotel. Last month, it completed a £43m forward-sale to Legal & General of a student accommodation scheme in Greenwich.