News

Planning application submitted for development of New Covent Garden Market

Plans which will take the UK’s leading wholesale market into the 21st century have been submitted by VINCI St. Modwen (VSM), the 50/50 joint venture between St. Modwen Properties PLC and VINCI PLC in partnership with Covent Garden Market Authority (CGMA).

The-Garden-at-New-Covent-Garden-Market-Night

Published on
May 16, 2014

Share

Plans which will take the UK’s leading wholesale market into the 21st century have been submitted by VINCI St. Modwen (VSM), the 50/50 joint venture between St. Modwen Properties PLC and VINCI PLC in partnership with Covent Garden Market Authority (CGMA).

New Covent Garden Market (NCGM) plays a vital part in London’s hospitality sector, supplying 40% of all the fresh fruit and vegetables eaten outside the home and 20 out of 20 of the capital’s top restaurants. These plans will secure the future for the 200 companies and the 2,500 workers trading at the market, together with their customers and suppliers.

The redevelopment of the 57 acre site will see 500,000sq ft of modern market facilities consolidated on one site. The new market, to be known as ‘The Garden’, will create a focus for food and flowers in London with a new food quarter, a place to trade, produce, consume, learn and share.

The redevelopment releases 20 acres of surplus land which will be transformed into a high quality 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. This will be part of the transformation of the wider Nine Elms on the South Bank area.

The entire scheme will be set alongside a new linear park for the area along the river and stretching from Vauxhall to Battersea Power Station via the new American and Netherlands Embassies. The extension of the Northern Line and the opening of two new tube stations will mean the majority of people living and working in the area will be within five minutes’ walk of a tube station. Subject to receipt of planning, development work on the new market will commence in 2015.

Pam Alexander, Chairman of CGMA said:
“New Covent Garden Market is of huge importance to London and the wider UK economy as well as being the largest employer in Wandsworth, outside the Local Authority. I am delighted that in the 40th anniversary of the move to Nine Elms we are embarking on this significant chapter in the Market’s 800 year old history.
“Since the launch of our plans for the redevelopment of NCGM, we have worked closely with our key stakeholders, our tenants, as well as with the wider community to create a new market fit for the 21st century and to ensure not only the Market’s future but its contribution to London’s hospitality sector and the national horticultural trade for years to come, and to open up a new food quarter for London.”

Bill Oliver, Chief Executive of St. Modwen, commented:
“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. These plans 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 receive planning approval and, with CGMA, to transform the area into a lively and exciting new quarter for London.”

David Bowler, Director of VINCI PLC said:
“Through the creation of the built environment, VINCI is at the heart of urban development issues. Added to this, the culture of partnership is part of VINCI’s history which gives us a special ability to understand our clients and take all the aspects of their projects into account. We are looking forward to working with St. Modwen and CGMA on this exciting regeneration project which will transform this area of central London for those who live and work there.”

– ends –

ENQUIRIES:
Covent Garden Market Authority

Jonny Popper, London Communications Agency – Tel: 020 7612 8480

Helen Evans, CGMA – Tel: 020 7501 3487

VSM
Charlotte McCarthy – Tel: 0121 222 9400

St. Modwen Properties PLC
Melanie Mathews – Tel: 01923 470 435

 


Related Stories