January 8, 2013
The country’s largest fresh produce market is set for a £2bn makeover after Covent Garden Market Authority (CGMA) confirmed VINCI St. Modwen (VSM) as its development partner.
The contract is now signed on a project that would see New Covent Garden Market – which is located in the Nine Elms on the South Bank regeneration area – completely redeveloped to provide 500,000 sq ft of modern facilities for its traders.
The revamped site would include ‘The Garden Heart’ – a new centre for London’s food industry with a brand new public market. This is set to be a major new attraction for the regeneration area and would be located a short distance from the proposed location of a new Northern line Tube stop.
The scheme will be paid for by developing parts of the site which are no longer needed for the market operation. These areas will become new mixed use developments including homes, public open spaces, shops, cafes, restaurants and offices.
The proposal was granted outline planning consent by Wandsworth Council in 2012.
Baroness Brenda Dean, CGMA Chairman, said:
“We are pleased to have signed this Development Agreement and to confirm VINCI St. Modwen (VSM) as our development partners. Our vision for a modern new market is now significantly closer to being realised and the team at CGMA are looking forward to working with VSM and the tenant community to take the plans forward in what will be a major and important part of the new Vauxhall Nine Elms development area.”
Leader of Wandsworth Council and co-chair of the Nine Elms Vauxhall Partnership Ravi Govindia said:
“This is a vital scheme within the Nine Elms on the South Bank regeneration area and we’re delighted to see it moving ahead. The project will secure the future of this historic market which is home to more than 200 local businesses and 2500 jobs.
“The plans for a new public market have proved extremely popular with local people and will be a major new attraction for this rapidly changing district. We hope to see a new centre forLondon’s food industry take shape here in the years ahead.”
Nine Elms on the South Bank includes the Albert Embankment, Vauxhall and a large slice of industrial Battersea.
An enormous investment programme has begun to transform the area – around 2million sq m of new development has been granted planning permission and the first major projects are now underway.
Last month (Dec) the Government announced a £1bn loan guarantee to fund two new Northern Line Tube stations in Nine Elms on the South Bank.
Detailed plans for the redevelopment of Battersea Power Station and Vauxhall Square were also approved in recent weeks.
Across the regeneration area up to 16,000 new homes will be built – 14,000 already have planning consent and the first 3,000 are now under construction.
The new Nine Elms on the South Bank will provide 25,000 new permanent jobs for London and up to 1,000 construction and engineering apprenticeships could be created during the building programme.