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.