A 50/50 joint venture between St. Modwen Properties and VINCI, 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 (CGMA).

This landmark, multi-phased project is 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 new 21st century facilities.

The development releases 20 acres of surplus land which will be transformed into a high quality residential neighbourhood benefitting from fantastic riverside views and comprising approximately 3,000 new homes, 135,000 sq ft of new office space and 100,000 sq ft of retail, leisure and new community facilities, including shops, cafes and restaurants.

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The designs build on the planning permission already secured by CGMA in 2012. The proposals will provide over 500,000 sq ft 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, part of the new market, known as The Garden at New Covent Garden Market.

The entire scheme will be set alongside a new linear park for the area alongside the river and stretching from Vauxhall to Battersea Power Station via the new American and Netherlands Embassies. This major Opportunity Area will also benefit from the extension of the Northern Line and the opening of two new tube stations, meaning the majority of people living and working in the area will be within five minutes' walk of a tube station.

Subject to receipt of planning permission, development work on the new market will commence in 2015.

(CD/MH)