The Vinci and St Modwen joint venture partnership has signed a contract to develop the £2bn New Covent Garden Market site in Central London.
The contract formalises the JV’s selection as preferred bidder in March 2012, beating Buoygues to the scheme. Barratt Developments/Kier Group was also shortlisted but dropped out in mid-2011.
Six bidders were originally in the running - Barratt developments & Kier, Berkeley Group, Bouygues UK, St Mowden, Stanhope and The Garden Development Partnership.
The regeneration of the existing 57 acre New Covent Garden Market site will see the development of 550,000 sq ft of modern facilities to house about 200 businesses that make up the UK’s largest fruit, vegetable and flower market.
The 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, providing up to 2,800 new homes and 115,000 sq ft of commercial accommodation.
Construction will initially focus on the building of the new market ahead of a multi-phased move of the traders into the new purpose-built facility between mid 2014 and 2018.
Chairman of the Covent Garden Market Authority Brenda Dean said: “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.”