ST MODWEN and joint venture partner Vinci yesterday signed a contract with the New Covent Garden Market Authority for the £2bn regeneration of Britain’s biggest flower and vegetable market.
The project will see the complete overhaul of the 57-acre site, including 550,000 square feet of new facilities to house the market’s 200 businesses and 2,500 staff.
In return, the deal gives St Modwen and Vinci 20 acres of surplus land on the site, which will then be developed to create 2,800 new homes as well as 115,000 sq ft commercial and public space.
The market, which moved from Covent Garden in 1974, sits in the Nine Elms Opportunity Area, one of London’s largest regeneration projects, spanning 450 acres from Vauxhall to Battersea Power Station.
The Nine Elms district will create 25,000 jobs when finished.