VINCI St. Modwen (VSM), the 50/50 joint venture between St. Modwen Properties PLC and VINCI PLC, and its partner the Covent Garden Market Authority (CGMA), last night received planning permission to deliver the landmark redevelopment of the 57 acre New Covent Garden Market site in Nine Elms.
November 13, 2014
VINCI St. Modwen (VSM), the 50/50 joint venture between St. Modwen Properties PLC (LSE: SMP) and VINCI PLC, and its partner the Covent Garden Market Authority (CGMA), last night received resolution to grant planning permission to deliver the landmark redevelopment of the 57 acre New Covent Garden Market site in Nine Elms, London. This major, multi-phased project will modernise and secure the future of the iconic market whilst delivering one of the largest schemes in London’s Nine Elms regeneration area.
This major 10-year project will see the delivery of over 500,000 sq ft of new state-of-the-art market facilities across a 37 acre site. The remaining 20 acres of land will be transformed into three high quality residential neighbourhoods comprising approximately 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.
Bill Oliver, Chief Executive, St. Modwen and director of VSM said: “This landmark scheme is another example of VSM’s ability to progress large scale, nationally important, developments that create both jobs and homes and attract investment in areas ready for regeneration.
“Wandsworth Council’s decision allows us to contribute to the long-term transformation of London’s newest residential and commercial quarter whilst securing the future of New Covent Garden Market by delivering vitally important world-class market facilities. The VSM and CGMA teams have worked closely with the Council, local businesses and the local community to ensure that the scheme benefits all stakeholders and we look forward to continuing our work with them to enable a start on site in the first half of 2015.”
Pam Alexander, Chair of CGMA, said: “I am grateful to Wandsworth Council and all who have worked so hard to ensure the future of New Covent Garden Market as a key landmark at the heart of Nine Elms on the South Bank in the week that the market celebrates 40 years here at Nine Elms. New Covent Garden Market is central to supplying London’s fresh produce. With our development partners VSM, we can now deliver the modern facilities that will enable our 200 business to grow and thrive whilst welcoming the public to a new Food Quarter for London.”
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Notes to Editors
VINCI St. Modwen (VSM), the 50/50 joint venture between St. Modwen Properties PLC (LSE: SMP) and VINCI PLC, was selected by the Covent Garden Market Authority in March 2012 to deliver the regeneration of New Covent Garden Market site (NCGM) in Nine Elms, London, including the provision of a modern new market.
This landmark, multi-phased project is the largest proposed regeneration scheme in Nine Elms on the South Bank, itself one of London’s key development areas for new mixed-use development. It will secure the long-term future of New Covent Garden Market, the UK’s largest fruit, vegetable and flower market, through the delivery of new 21st century facilities. There will also be a new Food Quarter for London on the wider site, providing a busy and attractive new food destination including facilities to support food businesses both on and off the market such as incubation spaces for food start ups and a new public market.
In May 2014, VSM submitted a planning application to deliver over 500,000 sq ft of modern market facilities consolidated on one 37 acre site for the 200 tenant businesses, which in total employ over 2,500 people.
The development releases 20 acres of surplus land across three separate sites which will be transformed into a high quality residential neighbourhood benefitting from excellent riverside and Central London views. VSM’s planning application also includes proposals for 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.
Development work on the new market will commence in 2015 and on the first phase of the surplus land in 2017.
St. Modwen Properties PLC
Bill Oliver, Chief Executive
Michael Dunn, Group Finance Director
Charlotte McCarthy, Head of PR and Communications
Tel: 0121 222 9400
Tel: 020 3727 1000
Melanie Mathews, Communications Director
Tel: 01923 470 435
Covent Garden Market Authority
Jonny Popper / Suzi Lawrence
London Communications Agency
Tel: 020 7612 8480