A joint venture between UK regeneration specialist St Modwen and French property and construction group Vinci has won the GBP 2 bn (EUR 2.4 bn) contract to redevelop London’s New Covent Garden Market. The joint venture, VSM Estates, was named as preferred bidder by the Covent Garden Market Authority, with the contract subject to full planning consent.
A joint venture between UK regeneration specialist St Modwen and French property and construction group Vinci has won the GBP 2 bn (EUR 2.4 bn) contract to redevelop London’s New Covent Garden Market. The joint venture, VSM Estates, was named as preferred bidder by the Covent Garden Market Authority, with the contract subject to full planning consent.
The regeneration project will see the development of a new 46,000 m2 building in London’s Nine Elms district to house the 200 firms which comprise the biggest fruit, vegetable and flower market in the UK. The development will be funded by the release and redevelopment of 81,000 m2 of surplus land into a mixed-use regeneration scheme with 2,800 new homes. Nine Elms is also home to the new US embassy, scheduled to open in 2017.
Construction on the project is expected to commence in mid-2013, with an initial focus on the building of the new market facilities, and is expected to continue until 2018.
Commenting on the contract win, Vinci chief executive John Stanion noted: ‘Our focus on developing a solution that enables the market to continue to trade efficiently throughout the construction programme has been critical in our success.’
