Vinci St. Modren (VSM), and the Covent Garden Market Authority (NCGMA) have reached an agreement for the redevelopment of the 57-acre development in in Nine Elms, which will include a market, offices, swanky homes, and space for new start ups. Construction is expected to start this summer.
The project is a big one: it will take 10 years and involves the regeneration of 500,000 square feet of “state of the art market facilities,” which will house the 200 market businesses on the site and their 2,500 employees.
In addition, the site will include:
- Three high quality residential neighbourhoods comprising 3,000 new homes
- 135,000 square feet of office space
- 100,000 square feet of retail, leisure and new community facilities, including shops, cafes and restaurants
Why it’s interesting
Nine Elms is one of London’s key new development areas, situated on the South Bank it is a huge project which will rejuvenate the area, both visually and economically.
The process began in 2012 when CGMA chose St. Modren Properties and VINCI’s 50/50 joint venture to deliver the project.
The development will also release 20 acres of surplus land, which will be the site for residential constructions with river views.
What VSM said
Bill Oliver, chief executive, St. Modwen and 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.
An exciting development, creating a multitude of opportunities, including “incubation spaces” for food start-ups.