St Modwen JV submits planning application for huge New Covent Garden scheme
BIRMINGHAM developer St Modwen and joint venture partner VINCI have submitted a planning application for the regeneration of the 57 acre New Covent Garden Market site in Nine Elms, London.
The 50-50 joint venture – VINCI St. Modwen (VSM) – has worked closely with the Covent Garden Market Authority (CGMA) on the application.
The multi-phased project is intended to secure the future of New Covent Garden Market, the UK’s largest fruit, vegetable and flower market, through the delivery of new 21st century facilities.
The development – near the south bank of the Thames between Vauxhall and Battersea – releases 20 acres of surplus land which will be transformed into a residential neighbourhood comprising approximately 3,000 new homes, 135,000 sq ft of new office space and 100,000 sq ft of retail, leisure and new community facilities, including shops, cafes and restaurants.
The designs build on the planning permission already secured by CGMA in 2012. The proposals will provide more than 500,000 sq ft of modern market facilities consolidated on one site for the 200 tenant businesses which employ more than 2,500 people.
This will sit alongside a new Food Quarter, part of the new market, known as The Garden at New Covent Garden Market.
The entire scheme will be set alongside a new linear park for the area alongside the river and stretching from Vauxhall to Battersea Power Station via the new American and Netherlands embassies.
The area will also benefit from the extension of the Northern Line and the opening of two new tube stations.
Subject to receipt of planning permission, development work on the new market will start in 2015.
Bill Oliver, chief executive of St Modwen said: “This latest milestone is a hugely important step forward for this vital and complex regeneration project which will act as the gateway to the Vauxhall, Nine Elms and Battersea Opportunity Area.
“Over the last 12 months, VSM has worked closely with CGMA and the market community, as well as key stakeholders, to refine these plans and present a world class development that will create jobs, attract investment and transform this important part of Nine Elms.
“We are now looking forward to working alongside Wandsworth Council to secure planning approval and, with CGMA, to transform the area into a lively and exciting new quarter for London.”
