Enabling works on the New Covent Garden Market in Nine Elms is expected to start this summer, it has been announced. Commercial Planning agreements have now been reached between joint venture development partners, Vinci St Mowden, and the Covent Garden Market Authority (CGMA).
The project will take approximately 10 years to complete and will involve regenerating 500,000 sq ft of new market facilities across a 37 acre site, housing 200 market businesses.
20 acres of land will be used to develop 3,000 homes, 135,000 sq ft of office space, and 100,000 sq ft of leisure and community facilities, such as cafes, restaurants, “incubation spaces” for food start-ups, and shops.
Bill Oliver, 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, Vinci’s Chairman and Chief Executive, also commented: “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.”
The £2bn scheme is the largest in the Nine Elms Regeneration area, which is also home to the Battersea Power Station redevelopment site and the new American Embassy.