VINCI St. Modwen (VSM), the 50/50 joint venture between St. Modwen Properties PLC (LSE: SMP) and VINCI PLC, has submitted its planning application for the regeneration of the 57 acre New Covent Garden Market site in Nine Elms, London with its partner, Covent Garden Market Authority (CGMA).
This landmark, multi-phased project is the largest proposed regeneration scheme in Nine Elms on the South Bank, one of London’s key development areas for new mixed-use development. It will secure the future of New Covent Garden Market, the UK’s largest fruit, vegetable and flower market, through the delivery of new 21st century facilities.
The development releases 20 acres of surplus land which will be transformed into a high quality residential neighborhood benefitting from fantastic riverside views and comprising approximately 3,000 new homes, 135,000 ft² (approx. 12,540 m²) of new office space and 100,000 ft² (approx. 9,290 m²) of retail, leisure and new community facilities, including shops, cafes and restaurants.
The designs build on the planning permission already secured by CGMA in 2012. The proposals will provide over 500,000 ft² (approx. 46,450 m²) of modern market facilities consolidated on one site for the 200 tenant businesses which employ over 2,500 people. This will sit alongside a new Food Quarter, part of the new market, known as The Garden at New Covent Garden Market.
The entire scheme will be set alongside a new linear park for the area alongside the river and stretching from Vauxhall to Battersea Power Station via the new American and Netherlands Embassies. This major Opportunity Area will also benefit from the extension of the Northern Line and the opening of two new tube stations, meaning 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 permission, development work on the new market will commence in 2015.
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. Over the last 12 months, VSM has worked closely with CGMA and the market community, as well as key stakeholders, to refine these plans and 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 secure planning approval and, with CGMA, to transform the area into a lively and exciting new quarter for London.”
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.”
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.”
Source: FTI Consulting