New Covent Garden Market to be revamped

The regeneration of the Nine Elms area on London's South Bank is expected to bring numerous benefits for local residents, including jobs, homes and new facilities and amenities.

One of these will be the revamped New Covent Garden Market, which is set for a £2 billion makeover that will see the creation of a brand new public market on the site.

Wandsworth Council confirmed that the Covent Garden Market Authority has chosen VINCI St Mowden (VSM) as its partner for the project.

The plan is to completely redevelop the market, providing 500,000 square feet of modern facilities for the traders who sell their goods in the area.

It will include a new centre for the capital's food industry, known as the Garden Heart, which will be located close to the new Northern Line Tube station and is expected to be a major attraction.

In November Transport for London launched the third and final consultation on the Northern Line extension, which will see the London Underground network extended from Kennington to Battersea.

Nine Elms will be the location of one of the stops on the new section of line, serving many of the new homes being built in the area.

The New Covent Garden Market revamp will be funded by developing parts of the site that are no longer needed for the market operation.

They will be used to build a number of new developments, including public open spaces, shops, cafes, restaurants, offices and homes.

Ravi Govindia, leader of Wandsworth Council, said: "This is a vital scheme within the Nine Elms on the South Bank regeneration area and we're delighted to see it moving ahead.

"The project will secure the future of this historic market which is home to more than 200 local businesses and 2,500 jobs."

He added: "The plans for a new public market have proved extremely popular with local people and will be a major new attraction for this rapidly changing district."

The Nine Elms regeneration is already set to boost the popularity of property to rent in Wandsworth, and this latest announcement could provide a further tonic for the area's lettings market.

Posted by Martyn Glynn
 

Published 10th January, 2013

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