Vinci St Modwen (VSM) has been granted planning permission by Wandsworth Council's planning application committee for the redevelopment of the 57-acre New Covent Garden Market (NCGM) site in Nine Elms, London.
VSM is a 50:50 joint venture between St Modwen Properties and Vinci along with its partner, the Covent Garden Market Authority (CGMA).
The ten-year project will involve modernisation as well as developing a new 500,000ft² market, 3,000 new homes, 135,000ft² of office space and 100,000ft² of retail, leisure and new community facilities, including shops, cafés and restaurants.
VSM director and St Modwen chief executive Bill Oliver said: "This landmark scheme is another example of VSM's ability to progress large-scale, nationally important, developments that create both jobs and homes, and attract investment in areas ready for regeneration.
"Wandsworth Council's decision allows us to contribute to the long-term transformation of London's newest residential and commercial quarter whilst securing the future of New Covent Garden Market by delivering vitally important world-class market facilities.
"The VSM and CGMA teams have worked closely with the council, local businesses and the local community to ensure that the scheme benefits all stakeholders and we look forward to continuing our work with them to enable a start on site in the first half of 2015."
The project will see the 40-year-old facilities at New Covent Garden Market upgraded in order to safeguard its future.
CGMA chair Pam Alexander said: "New Covent Garden Market is central to supplying London's fresh produce.
"With our development partners VSM, we can now deliver the modern facilities that will enable our 200 business to grow and thrive whilst welcoming the public to a new Food Quarter for London."
The project will secure the long-term future of NCGM, the UK's largest fruit, vegetable and flower market, with around 200 tenant businesses employing 2,500 people.
Development work on the new market is scheduled to start in 2015, while on the first phase of the surplus land in 2017.
Image: Designs for the New Covent Garden Market have been approved. Photo: courtesy of Wandsworth Council.