St Modwen JV gets go ahead for major London scheme
VINCI St. Modwen (VSM) and its partner the Covent Garden Market Authority have announced that the commercial contracts and planning agreements for the regeneration of the 57 acre New Covent Garden Market in Nine Elms, London, have gone unconditional.
The development – a 50/50 joint venture between Birmingham-based St Modwen Properties and VINCI – can now get underway this summer via enabling works.
A ten year project south of the River Thames will see the delivery of more than 500,000 sq ft of new market facilities across a 37 acre site which will house the 200 market businesses currently employing around 2,500 people.
The remaining 20 acres of land will be transformed by VSM into three neighbourhoods comprising 3,000 new homes, 135,000 sq ft of office space and
100,000 sq ft of retail, leisure and new community facilities, including shops, cafés and restaurants.
The entire scheme will be set alongside a new linear park for the area, parallel with the river and stretching from Vauxhall to Battersea Power Station via the new American and Netherlands Embassies.
This project will also benefit from the extension of the Northern Line and the opening of two new tube stations, resulting in the majority of people who live and work in the area being within a five minute walk of a tube station.
Bill Oliver, chief executive of St Modwen and director of VSM, said: “This latest milestone enables the start on site of this major transformational project which is central to the Nine Elms Regeneration area.
“It will deliver a substantial positive economic impact in terms of employment, housing, and investment for London.”
