St Modwen signs Covent Garden Market development deal

Regeneration specialist St Modwen Properties said it signed a contract to redevelop the UK's largest fruit, vegetable and flower market.

Regeneration specialist St Modwen Properties said it signed a contract to redevelop the UK's largest fruit, vegetable and flower market.

The deal with the Covent Garden Market Authority (CGMA) will it see it redevelop the New Covent Garden Market site in Central London, together with its joint venture partner VINCI.

The project has a total development value of around £2bn and will include the overhaul of the entire 57 acre site situated next to Vauxhall Cross, Nine Elms, St Modwen said.

It will include the development of 550,000 sq ft of modern facilities to house the 200 businesses that make up the site.

These new facilities will be funded through the release of 20 acres of surplus land which will then be developed to create a new high quality residential led mixed-use regeneration scheme.

This will provide up to 2,800 new homes and 115,000 sq ft of commercial accommodation.

"Our vision for a modern new market is now significantly closer to being realised and we look forward to working with VSM and the tenant community in taking the plans forward in what will be a major and important part of the new Vauxhall Nine Elms development area," said Brenda Dean, Chairman of CGMA.

Nine Elms is one of London's key development areas, with current projects in the area including the building of a new United States Embassy, as well as the redevelopment of Battersea Power Station.

Recommended

Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021

Most Popular

A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
What really causes inflation? Here’s what prices since 1970 tell us
Inflation

What really causes inflation? Here’s what prices since 1970 tell us

As UK inflation hits 3.2%, Dominic Frisby compares the cost of living 50 years ago with that of today, and explains how debt drives prices higher.
15 Sep 2021