VSM gets go-ahead for London's Nine Elms redevelopment

Vinci St. Modwen (VSM) has received planning permission for the redevelopment of the 23-hectare New Covent Garden Market site in London's Nine Elms district.

VSM and its partner, Covent Garden Market Authority (CGMA), will deliver 500,000 sq ft (46,500 m2) of new state-of-the-art market facilities across 15 hectares over a 10-year period. The remaining 8 hectares of land will be transformed into three residential neighbourhoods comprising 3,000 new homes, 135,000 sq ft of office space and 100,000 sq ft of retail, leisure and new community facilities, including shops, cafés and restaurants.

VSM is a 50/50 joint venture between UK urban regeneration specialist St. Modwen Properties and French construction and property group Vinci.

Vinci was selected by the Covent Garden Market Authority in March 2012 to deliver the regeneration of New Covent Garden Market site in Nine Elms, London, including the provision of UK's largest fruit, vegetable and flower market.

The multi-phased project is the largest proposed regeneration scheme in Nine Elms on the South Bank, itself one of London's key development areas for new mixed-use development.

'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,' said Bill Oliver, Chief Executive, St. Modwen and director of VSM.

Development work on the new market will commence in 2015 and on the first phase of the surplus land in 2017.