VSM Estates, the joint venture of St Modwen and Vinci, has been selected for the £2bn redevelopment of the New Covent Garden Market in Nine Elms, London, UK.
Covent Garden Market Authority (CGMA) has selected the bidder to construct 2,800 new houses around the proposed US embassy in south London, which involves a complete redevelopment of the 57-acre site over a five-year period.
VSM Estates beat off competition from French construction group Bouygues and private equity company Carlyle Group to secure the contract.
CGMA chairman Brenda Dean said that by working with Vinci St Modwen the authority will create a new London destination focused on food and flowers that will support the future of its tenants’ businesses.
“It will create a market that is self sustaining and enable us to meet the government’s long term intent of disengaging from the ownership of the Market,” Dean said.
The project will see the development of a 500,000ft² fresh fruit, vegetable and flower market to accommodate 200 business units.
About 20 acres of land will be used for 2,800 new homes as part of one of London’s largest residential developments.
Five new buildings will be delivered for wholesale and catering distributors as well as a new flower market building, relocated from its current location at the northern site.
Plans also include a new building called The Garden Heart for food and flowers in London which hosts exhibition space, education facilities, cafes and a public market.
Four development plots will be freed up by these plans, releasing this land to be used for the new homes and shops.
Construction on the project will commence in 2013 after securing planning permission and businesses are expected to move to the facility from 2014.
Initially, construction will focus on the building of the new market ahead of a multi-phased move of the traders into the new purpose-built facility between mid 2014 and 2018.
CGMA submitted an outline planning application covering the entire site to Wandsworth Council in autumn 2011.
The application, seeking outline consent for 347,000m² of development, is due to be presented to the council’s planning committee in May this year.
Image: The project will see the development of a 500,000ft² fresh fruit, vegetable and flower market to accommodate 200 business units. Photo: Covent Garden Market Authority.