A 50:50 joint venture between UK-based St Modwen property group and French multinational Vinci has gained planning approval for regeneration of London’s New Covent Garden market, said to be worth €2.5 billion when it was first revealed two years ago.
The 10-year scheme will deliver more than 46,450m2 of redeveloped market facilities for 200 businesses in 15ha of the Nine Elms site, which covers 23ha, just south of the River Thames.
Plans for the remaining 8ha, which have been agreed with the development partner, the Covent Garden Market Authority, include 3,000 new homes within three neighbourhoods, plus 12,542m2 of office space, and 9,290m2 of retail, community and leisure facilities. This will include a range of shops cafés and restaurants.
Bill Oliver, chief executive of St Modwen, said the New Covent Garden project would deliver a substantial economic boost to the city’s wider economic regeneration plans. The project is scheduled to start in the summer of 2015.