VINCI St Modwen (VSM) and the Covent Garden Market Authority (CGMA) have submitted planning application for the £2bn regeneration of the 57-acre New Covent Garden Market site in London, UK.
The project includes development of 550,000ft² of modern facilities to house the 200 businesses that make up the New Covent Garden Market. Next to the facilities will be a new food quarter, which will be part of the new market and known as The Garden at New Covent Garden Market.
The mixed-use project will also see construction of new facilities for the New Covent Garden Market, the UK's largest fruit, vegetable and flower market. Around 3,000 new homes, 135,000ft² of new office space, and 100,000ft² of retail, leisure and community facilities including shops, cafes and restaurants will also be built on 20 acres of land.
CGMA chairman Pam Alexander said that New Covent Garden Market is of huge importance to London and the wider UK economy as well as being the largest employer in Wandsworth outside the Local Authority.
"Since the launch of our plans for the redevelopment of NCGM, we have worked closely with our key stakeholders, our tenants, as well as with the wider community to create a new market fit for the 21st century and to ensure not only the Market's future but its contribution to London's hospitality sector and the national horticultural trade for years to come, and to open up a new food quarter for London," Alexander added.
St Modwen CEO Bill Oliver said: "We are now looking forward to working alongside Wandsworth Council to secure planning approval and, with CGMA, to transform the area into a lively and exciting new quarter for London," Oliver added.
Upon approval of the planning permission, the work on the new market will begin in 2015.