Back to blog
Tammy Newell
Tammy Newell
  • 1 Minute Read
  • 28th March 2012

VSM Announce £2bn Development Scheme for Covent Garden Market

A joint venture between Vinci and St Modwen, known now as VSM Estates, has won a £2bn contract to develop Market in London .

The development scheme, due to begin in 2013, will include a new 500,000sqft facility for the 200 businesses at the famous fruit, vegetable and flower market. The £2bn scheme will fund the release of 20 acres of land, which can then be turned into a mixed-use site that proposes to create 2,800 new homes along with commercial and public space.

The initial phase of the development scheme will focus on regenerating the Covent Gardens’ market space before the multi-phased move of the traders into the new purpose-built facility can begin, which is estimated to take place between 2014-2018.

Chairman of Vinci Plc, John Stanion told press, “Our focus on developing a solution that enables the market to continue to trade efficiently throughout the construction programme has been critical in our success…we are delighted to be working with the Covent Garden Market Authority to deliver this particularly complex project”.

covent-garden-development-scheme

This certainly looks like one of London’s most complex development schemes to date, as the detailed plan includes:

  • 5 new buildings for wholesale and catering distributors.
  • New flower market – relocated to the Northern side of the existing market.
  • New building called The Garden Heart – set to be a hub of activity for food and flower sales outside of the market.
  • A new 4.22 hectare site located near Vauxhall Cross – Set to house 9 new residential apartment blocks to the northern side, each 11-17 storeys high. And, to the eastern side, a cluster of high rise buildings, each thought to be 30-47 storeys high – one of which is set to be a new luxury hotel.
  • Along the south-west border of the market at Thessaly Road, plans to build 4 blocks of residential property and communal garden space is proposed.
  • A 1.08 hectare college site with 100 new homes, arranged within 3 blocks.
  • The current entrance to Covent Garden Market is to be demolished to create a gateway to the new linear park at .
  • Lastly, a new set of 15 storey buildings towards are proposed which will provide 400 new homes and retail space.

Search Office Space will keep you updated on the Covent Garden development scheme. Remember to check our regularly to get the latest property news and great deals on serviced office space rentals.