Development of Nine Elms clears a hurdle
ST MODWEN and the Covent Garden Market Authority yesterday reached an agreement for the redevelopment of the 57-acre development in Nine Elms, on the south bank of the Thames.
The project will include a market, offices, swanky homes, and space for new start ups. Construction is expected to start this summer.
Nine Elms, one of London’s key new development areas, is a huge project which is hoped to rejuvenate the area.
The process began in 2012 when the authority chose St Modwen 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.
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.”
The project, which includes the iconic Battersea Power Station, will take 10 years to complete.