The regeneration of New Covent Garden cleared another hurdle today as the agreement between the Covent Garden Market Authority (CGMA) and VINCI St. Modwen (VSM) became unconditional.
The milestone paves the way for work to begin on the 57 acre South Bank site this summer, delivering 235,000 sq ft office, retail and leisure space together with 500,000 sq ft of market facilities and 3,000 new homes.
The scheme will place New Covent Garden at the heart of London’s newest quarter, Nine Elms, the final piece in the jigsaw in the 30 year transformation of the capital’s former industrial heartland.
The entire Nine Elms scheme incorporates over 20 interconnected sites, stretching from Lambeth Bridge in the north to Chelsea Bridge in the south. It will be served by major infrastructure improvements, including the extension to the Northern Line, which will cut travel times to the City and West End to less than 15 minutes.
The district includes Battersea Power Station – which recently revealed CGIs of the upcoming office space under development at the landmark building – along with the new American and Netherlands Embassy buildings. There will also be clusters of tall buildings, a number of cultural institutions and attractive public spaces. In total, Nine Elms is expected to become home to 30,000 people and provide 25,000 new jobs.
The New Covent Garden development itself is expected to take 10 years to complete. Bill Oliver, Chief Executive of St. Modwen and director of VSM 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.”
Bruno Dupety, Chairman and Chief Executive of VINCI PLC and director of VSM, added: “We are looking forward to starting on site to get this exciting project underway.
“It will transform this area of central London for those who live and work there, in particular the market facilities.”
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