The multi-phase project will involve the regeneration of a 57-acre site in Nine Elms next to Vauxhall Cross to create a 550,000 sq ft space to house around 200 businesses that make up the UK’s largest fruit, vegetable and flower market.
These new facilities will be funded through the release of 20 acres of surplus land, which will be turned into a residential-led mixed-use scheme to provide up to 2,800 homes and 115,000 sq ft of commercial space.
Bill Oliver, chief executive of St Modwen, 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 CGMA and we look forward to engaging with tenants, neighbours and other stakeholders to progress the delivery of this development.”
David Bowler, director at Vinci, added: “Vinci is delighted to be working alongside St Modwen and CGMA, not only to provide a modern market for the food and flower trades in London but also to deliver a world-class development that will significantly contribute to the cultural and economic regeneration of Nine Elms.”
Brenda Dean, chairman of the CGMA, commented: “Our vision for a modern new market is now significantly closer to being realised and we look forward to working with VSM and the tenant community in taking the plans forward in what will be a major and important part of the new Vauxhall Nine Elms development area.”