St. Modwen Properties and its joint venture partner Vinci have signed a contract with the Covent Garden Market Authority (CGMA) to be the development partner for the New Covent Garden Market site in Nine Elms. The multi-phased project has a gross development value of around £2 billion and will entail the rationalisation and master planning of the entire 57 acre site situated next to Vauxhall Cross.
The regeneration of the existing 57 acre New Covent Garden Market site will see the development of 550,000 sq ft of facilities which will house the 200 or so businesses that make up the UK’s largest fruit, vegetable and flower market. These new facilities will be funded through the release of 20 acres of surplus land which will then be developed to create a new residential led mixed-use regeneration scheme, providing up to 2,800 new homes and 115,000 sq ft of commercial accommodation.
The partners say the plans for New Covent Garden Market form a vital part of the regeneration of Nine Elms, as the site is a gateway to the Vauxhall, Nine Elms and Battersea Opportunity Area.
Bill Oliver, Chief Executive of St. Modwen, commented: “The redevelopment of New Covent Garden Market is an incredibly exciting project and one that complements our extensive experience in regenerating complex, brownfield sites.”
David Bowler, Director, Vinci, said: “Vinci is delighted to be working alongside St. Modwen and CGMA, not only to provide a modern market for the food and flower trades in London, but also to deliver a world class development that will significantly contribute to the cultural and economic regeneration of Nine Elms.”
Brenda Dean, Chairman of CGMA said: “We are pleased to have signed this Development Agreement and to confirm VInci St. Modwen (VSM) as our development partners. Our vision for a modern new market is now significantly closer to being realised and we look forward to working with VSM and the tenant community in taking the plans forward in what will be a major and important part of the new Vauxhall Nine Elms development area.”