London vegetable market revamp
By Sandy Guthrie07 January 2013
The UK’s largest fruit, vegetable and flower market is to be redeveloped by a joint venture consisting of Vinci and St Modwen Properties in a £2 billion (€2.5 billion) multi-phased project.
The regeneration of the existing 23ha New Covent Garden Market site will see the development of 51,000m2 of modern facilities which will house the 200 or so businesses.
St Modwen Properties, which claims to be the UK's leading regeneration specialist, and 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 Central London.
With a gross development value of around £2 billion, the project will involve the rationalisation and master planning of the entire site, which is situated next to Vauxhall Cross, Nine Elms, in central London.
The new facilities will be funded through the release of 8ha 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 10,700m2 of commercial accommodation.
Nine Elms is one of London’s key development areas for new mixed use development, and the plans for New Covent Garden Market are described as forming a vital part of its regeneration, acting as the gateway to the Vauxhall, Nine Elms and Battersea Opportunity Area.
Other current projects being undertaken in the area include the development of the new US Embassy and the redevelopment of Battersea Power Station.