Vinci and St Modwen have completed a deal that paves the way for the 10-year redevelopment of the 57-acre New Covent Garden site in Nine Elms to start this summer.
The VSM joint venture’s contracts and planning agreements with the Covent Garden Market Authority have gone unconditional, meaning that work can now start on the scheme, which includes 3,000 homes.
Under the deal VSM will build a new 500,000 sq ft market on 37 acres of the site, with the remaining 20 acres developed as housing, together with 135,000 sq ft of offices and 100,000 sq ft of shops, leisure and community facilities.
The entire scheme will be set alongside a new linear park parallel with the river and stretching from Vauxhall to Battersea Power Station via the new US and Netherlands Embassies.
St Modwen chief executive Bill Oliver said: “This latest milestone enables the start on site of this major transformational project, which is central to the Nine Elms Regeneration area. It will deliver a substantial positive economic impact in terms of employment, housing, and investment for London.”
