VINCI St. Modwen (VSM), the 50/50 joint venture between St. Modwen and VINCI PLC, has submitted a planning application for the New Covent Garden Market project in London.
The 57 acre site is the largest proposed regeneration scheme in the Nine Elms district and is one of the capital’s key development areas for new mixed-use development.
Through the project, VSM will be helping to secure the future of New Covent Garden Market, the UK’s largest fruit, vegetable and flower market by providing 21st century facilities.
VINCI PLC Director David Bowler said: “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 [the Covent Garden Market Authority] on this exciting regeneration project which will transform this area of central London for those who live and work there.”
The proposals include over 500,000 square feet of modern market facilities, consolidated on one site for 200 tenant businesses, collectively employing 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.
Subject to receipt of planning, development work on the new market will commence in 2015.
Bill Oliver, Chief Executive of St. Modwen, commented: “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.”