St Modwen and its partner Vinci have put pen to paper in a deal which will see the regeneration of the New Covent Garden Market site – a revamp set to be worth around Â£2bn.
Working alongside the Covent Garden Market Authority, the deal will see a huge transformation to the 57 acre site located near to Vauxhall Cross, Nine Elms, in central London.
Funded through the release of 20 acres of surplus land, the scheme will lead to the creation of around 550,000 sq ft of facilities – providing a modern home to the 200 odd businesses which are all part of the UK’s largest market; with shops selling a variety of items such as flowers and fruit and vegetables.
Nine Elms is presently a key development area in the capital, with a variety of projects seeing the construction of prime central London offices, residential areas and also the development of a new United States embassy and the huge overhaul of the Battersea Power Station and its surrounding area.
St Modwen chief executive, Bill Oliver, said: “The redevelopment of New Covent Garden Market is an incredibly exciting project and one that complements our extensive experience in regenerating complex, brownfield sites.
“Vinci and St. Modwen are very pleased to have now signed contracts with the Covent Garden Market Authority and we look forward to engaging with tenants, neighbours and other stakeholders to progress the delivery of this development.”
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