£2bn Covent Garden regeneration deal signed

Covent Garden will get a £2bn facelift as regeneration specialist St Modwen and construction firm Vinci have signed a contract to regenerate the 57-acre site on a joint venture basis.

The site will feature 550,000 sq ft of new facilities to house the UK’s largest fruit, vegetable and flower market, boasting some 200 businesses. The development will also include up to 2,800 new homes.

Bill Oliver, chief executive of St. Modwen, said: “The redevelopment of New Covent Garden Market is an incredibly exciting project and one that complements our extensive experience in regenerating complex, brownfield sites.

“Vinci and St. Modwen are very pleased to have now signed contracts with the CGMA and we look forward to engaging with tenants, neighbours and other stakeholders to progress the delivery of this development.”

David Bowler, director, Vinci PLC, said: “Vinci PLC is delighted to be working alongside St. Modwen and CGMA, not only to provide a modern market for the food and flower trades in London, but also to deliver a world class development that will significantly contribute to the cultural and economic regeneration of Nine Elms.”