St. Modwen Properties Plc and its joint venture partner Vinci Plc have signed a contract with Covent Garden Market Authority (CGMA) for the development of a £2 billion ($3.21 billion) mixed-use project in Nine Elms, London, UK.
The regeneration of the existing 57-acre New Covent Garden Market site will see the development of 550,000 square feet of modern facilities, which will accommodate about 200 businesses, making it the largest fruit, vegetable and flower market in the UK.
Almost 20 acres of the site will be used to develop a new high quality residential led mixed-use regeneration project, which will offer up to 2,800 new homes and 115,000 square feet of commercial accommodation.
The proceeds from the mixed-use project will be used for the development of the fruit, vegetable and flower market. The construction work on the project will be undertaken in a phased manner. The project forms a part of the new Vauxhall Nine Elms development area.
St Modwen CEO Bill Oliver said: "The redevelopment of New Covent Garden Market is an incredibly exciting project and one that complements our extensive experience in regenerating complex, brownfield sites. Vinci and St Modwen are very pleased to have now signed contracts with the CGMA and we look forward to engaging with tenants, neighbours and other stakeholders to progress the delivery of this development."