Development of £2bn New Covent Garden Market to start this summer
Construction of the £2bn New Covent Garden Market project is set to begin this summer, after commercial contracts and planning arrangements were agreed.
Vinci St Modwen, the joint venture between St Modwen Properties and Vinci have reached an agreement with the Covent Garden Market Authority regarding the 57 acre site in Nine Elms.
The regeneration project will deliver over 500,000 sq ft of state of the art market facilities, as well as 3,000 new homes, 135,000 sq ft of office space and 100,000 sq ft of retail, leisure and community facilities such as shops, cafes and restaurants.
Bill Oliver, chief executive at St Modwen and director of VSM said: “This latest milestone enables the start on site of this major transformation project which is central to the Nine Elms regeneration area. It will deliver a positive economic impact in terms of employment, housing and investment for London.”
The development releases 20 acres of surplus land, which will be the site for residential buildings with river views. New Covent Garden Market is part of the wider Nine Elms project, which aims to rejuvenate the area both visually and economically.
Bruno Dupety, Chairman and Chief Executive of VINCI PLC and director of VSM, said: “We are looking forward to starting on site to get this exciting project underway. It will transform this area of central London for those who live and work there, in particular the market facilities.”
This landmark project is the largest proposed regeneration scheme in Nine Elms and will secure the long-term future of New Covent Garden Market, the UK’s largest fruit, vegetable and flower market.
Development work on the new market will begin in the summer and work on the surplus land will commence in 2017.