Commercial Property News
Plans for a £2 billion regeneration of the New Covent Garden Market site in central London have moved a step closer, after joint venture development partners Vinci and St Modwen were given the green light.
The project, which is to be carried out with the Covent Garden Market Authority, will see the 57-acre site situated next to Vauxhall Cross transformed over the course ten years.
The multi-phase scheme in the Nine Elms regeneration zone will include the development of 550,000 square feet of modern facilities that will house 200 businesses, which would make it the largest fruit, vegetable and flower market in the UK.
Vinci Construction UK has been chosen to build the new project, while other firms are likely to be earmarked for the later housing projects.
The firm has already agreed to spend £91 million on improving local infrastructure facilities, including the upgrading of local transport such as the approved Northern Line Extension.
Funding for the project's construction is also set to come from the release of 20 acres of surplus land for a residential led mixed-use regeneration scheme.
Development work will begin in 2015 and on the first phase of the surplus land in 2017, with a majority of the latter being built on a separate site joined by a 1km linear park.
The site will house over 3,000 new homes, as well as 135,000 square feet of new office space and 100,000 square feet of retail and leisure facilities.
Sarah McDermott, chairman of the council’s planning committee, said: “This project covers five distinct development plots, the largest being the new wholesale market itself which will be overhauled to provide a 21st Century trading space for the food and flower businesses.
“The current flower market site would make way for a series of new buildings including three towers which will form part of the Vauxhall tall building cluster.”
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