New Covent Garden Market Site Redevelopment Project Gets the Green Light

The development of the historic New Covent Garden
Market site in London has now been given the green light by
Wandsworth Council and it is expected that work will start in a few
months time.

The project is being run jointly by St Modwen
Properties Plc and VINCI Plc. They are working on the basis of a
50/50 split on the project in Nine Elms, in the UK capital.

The New Covent Garden site runs to 23 hectares and
the work on modernizing it will be carried out in phases. It is seen
as being one of the biggest redevelopment projects in the
regeneration of the Nine Elms area.

A 10 Year Project

The project will run for 10 years and will see
modern market facilities taking up 46,452 m²
of the complex. The rest of the site will become high quality
housing, with three different residential neighborhoods planned. They
will be made up of 3,000 new homes, as well as close to 13,000m²
of office space and over 9,000m²
dedicated to retail, leisure and
community space. Among the retail outlets will be cafes, restaurants
and shops.

Bill Oliver is the Chief Executive of St Modwen
and a director of VSM. He stated that the scheme is an example of the
firm’s ability to develop on a large scale and with “nationally
important developments”. He pointed out that the project will
create jobs and also attract investment to the area.

 Oliver went on to say that they will be
contributing to the “long-term transformation” of the newest
residential and commercial district in London. He called the new
market facilities there “world class” and confirmed that they
have been working closely with local businesses and authorities to
benefit all of the stakeholders. Work is expected to begin at the New
Covent Garden Market site in the first six months of 2015.