Posted: 15th June
Covent Garden Market development project
New Covent Garden Market is set to be revamped in a multi-phase, 10-year development project costing £2bn.
Redevelopment of the 57-acre Nine Elms site is set to begin in the summer, after development partners VINCI St Modwen Properties and the Covent Garden Market Authority announced that commercial contracts and planning agreements for the development project have gone unconditional.
The fruit, vegetable and flower market, which opened when traders relocated from Covent Garden in central London, houses 200 businesses, employing more than 2,500 people.
The scheme will be set alongside a new linear park for the area, which will run parallel with the river and stretch from Vauxhall to Battersea Power Station, via the new American and Netherlands Embassies.
The multi-phase development project will deliver 500,000ft² of new state-of-the-art market facilities across a 37-acre site, and the twenty acres of surplus land will be used for a residential led mixed-use regeneration scheme, which includes 135,000ft² of office space, 100,000ft² of retail, leisure and community facilities, and three new residential tower blocks that will create 3,000 new homes; six hundred of which will be reserved for local residents to buy or rent through affordable housing schemes.
The Regeneration of Nine Elms
Everyone knows about the transformation of Battersea Power Station, but few people have paid much attention to the regeneration that’s coming to the surrounding area.
Situated on the South Bank, within walking distance of the Houses of Parliament, Nine Elms is one of the largest and most important regeneration sites in London. Bigger than Hyde Park and by far the largest regeneration zone in central London, it extends from Chelsea Bridge to Lambeth Bridge via East Battersea, Vauxhall and Albert Embankment.
The regeneration zone includes more than 20 development sites, of which a handful has been completed. Over the next decade, the area will see the development of 18,000 new homes and 25,000 new jobs.
The New Covent Garden Market is pivotal to the plans, being the biggest single development site in Nine Elms and an incredibly valuable source of local jobs.
This development project will bring huge benefits. The Nine Elms neighbourhood will benefit from the Northern Line tube extension from Kennington to Battersea, and two new planned stations: Nine Elms to the east, and a station close to the Battersea power station redevelopment.
The cost of the development project, of up to £1bn, will be funded by other developments in the area.
The regeneration of Nine Elms is the last piece of the central London jigsaw and will complete the redevelopment of the South Bank.