Planning granted for New Covent Garden Market

VINCI St. Modwen (VSM), the 50/50 joint venture between St. Modwen Properties PLC (LSE: SMP) and VINCI PLC, and its partner the Covent Garden Market Authority (CGMA), last night received resolution to grant planning permission to deliver the landmark redevelopment of the 57 acre New Covent Garden Market site in Nine Elms, London. This major, multi-phased project will modernise and secure the future of the iconic market whilst delivering one of the largest schemes in London’s Nine Elms regeneration area.

This major 10-year project will see the delivery of over 500,000 sq ft of new state-of-the-art market facilities across a 37 acre site. The remaining 20 acres of land will be transformed into three high quality residential neighbourhoods comprising approximately 3,000 new homes, 135,000 sq ft of office space and 100,000 sq ft of retail, leisure and new community facilities, including shops, cafés and restaurants.

Dan Smyth, director at BDP, commented:  “This planning consent is great news and a milestone in delivering the transformation of this market for today and into the future.  The project will raise the bar for wholesale market redevelopment within an urban environment. It will be an exemplar scheme within a densely developed city context that both contributes to and takes benefit from the regeneration of its setting.”

Bill Oliver, Chief Executive, St. Modwen and director of VSM said: “This landmark scheme is another example of VSM’s ability to progress large scale, nationally important, developments that create both jobs and homes and attract investment in areas ready for regeneration. Wandsworth Council’s decision allows us to contribute to the long-term transformation of London’s newest residential and commercial quarter whilst securing the future of New Covent Garden Market by delivering vitally important world-class market facilities. The VSM and CGMA teams have worked closely with the Council, local businesses and the local community to ensure that the scheme benefits all stakeholders and we look forward to continuing our work with them to enable a start on site in the first half of 2015.”