16th May 2014 07:06
LONDON (Alliance News) - St. Modwen Properties PLC said Friday its 50:50 joint venture with VINCI PLC, VINCI St. Modwen, has submitted its planning application for the regeneration of the 57 acre New Covent Garden Market site in Nine Elms, London with its partner, Covent Garden Market Authority.
The project is currently the largest proposed regeneration scheme in Nine Elms on the South Bank, one of London's key development areas for new mixed-use development. It will secure the future of New Covent Garden Market, the UK's largest fruit, vegetable and flower market, through the delivery of upgraded facilities, said St. Modwen.
The development - which will be set alongside a new linear park, stretching from Vauxhall to Battersea Power Station - releases 20 acres of surplus land which will be transformed into a residential neighbourhood, comprising approximately 3,000 new homes with riverside views and 135,000 square feet of new office space, and 100,000 square feet of retail, leisure and new community facilities, including shops, cafes and restaurants.
St. Modwen said the designs build on the planning permission already secured by Covent Garden Market Authority in 2012. The proposals will provide over 500,000 square feet of modern market facilities consolidated on one site for the 200 tenant businesses which employ over 2,500 people. This will sit alongside a new Food Quarter, to part of the new market, known as The Garden at New Covent Garden Market.
The joint venture was established in 2006. The Covent Garden Market Authority selected VSM in March 2012 for the redevelopment of the New Covent Garden Market site.
Subject to planning permission, development work on the new market will commence in 2015, said the company.
"Over the last 12 months, VSM has worked closely with CGMA and the market community, as well as key stakeholders, to refine these plans and present a world class development that will create jobs, attract investment and transform this important part of Nine Elms. We are now looking forward to working alongside Wandsworth Council to secure planning approval and, with CGMA, to transform the area into a lively and exciting new quarter for London," said Bill Oliver, Chief Executive of St. Modwen.
Shares in St. Modwen were trading 2.04% higher at 375.6 pence per share at the market open, in the top ten gainers on the FTSE 250.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SMP.L