St Modwen signs contract for £2bn New Covent Garden scheme
BIRMINGHAM developer St Modwen has signed a contract with the Covent Garden Market Authority (CGMA) to be the development partner for the New Covent Garden Market site in London.
The scheme, to be developed in conjunction with joint venture partner VINCI, has a gross development value of around £2bn.
The multi-phased project will entail the rationalisation and master planning of the entire 57 acre site situated next to Vauxhall Cross, Nine Elms.
The regeneration of the existing 57 acre New Covent Garden Market site will see the development of 550,000 sq ft of modern facilities which will house around 200 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.
Nine Elms is one of London’s key development areas for new mixed use development and the plans for New Covent Garden Market form a vital part of its regeneration, acting as the gateway to the Vauxhall, Nine Elms and Battersea Opportunity Area. Current projects being undertaken in the area include the development of the new United States Embassy and the redevelopment of Battersea Power Station.
Bill Oliver, chief executive of St Modwen, said: “The redevelopment of New Covent Garden Market is an incredibly exciting project and one that complements our extensive experience in regenerating complex, brownfield sites.
“VINCI and St. Modwen are very pleased to have now signed contracts with the CGMA and we look forward to engaging with tenants, neighbours and other stakeholders to progress the delivery of this development.”
Brenda Dean, chairman of CGMA said: “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.”
