The commercial contracts and planning agreements for the regeneration of the 57 acre New Covent Garden Market in Nine Elms, London, have gone unconditional.
April 9, 2015
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), today announces 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.
This landmark 10 year project, the largest in the Nine Elms regeneration area, will see the delivery of over 500,000 sq ft of new state-of-the-art 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 high quality residential 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, situated in Zone 1, 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 transformational 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.
The main construction enabling works to the new market are scheduled to start in the Summer 2015.
Bill Oliver, Chief Executive, 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.”
Bruno Dupety, Chairman and Chief Executive of VINCI PLC and director of VSM, said: “We are looking forward to starting on site to get this exciting project underway. It will transform this area of central London for those who live and work there, in particular the market facilities.”
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
FTI Consulting: Tom Gough / Ellie Sweeney 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