Business and Economy
Go-ahead for Covent Garden market redevelopment
The UK Government has given the go-ahead to the redevelopment of the New Covent Garden Market at Nine Elms in Vauxhall, paving the way for a major overhaul of the 57-acre site.
The Covent Garden Market Authority (CGMA) says the approved business case includes a range of redevelopment options, all of them based on providing a Market with an increased trading area of up to 540,000 sq ft, which will now be explored further.
The go-ahead was given by Environment Secretary Hilary Benn who said the market authority “have worked extremely hard to produce comprehensive plans for a new site for their tenants. We look forward to working closely with CGMA as they start to deliver a Market which will continue to play a crucial role in London’s food chain.”
Responding to the decision Baroness Brenda Dean, Chairman of Covent Garden Market Authority said: “The Board and I are delighted that we have the full backing of the Government to move on – but our work does not stop here. Now we move on to the next stage of seeking a Private Development Partner to work with us. We are committed to providing a new facility for our tenants here at Nine Elms which will continue to be the largest and best known fresh produce wholesale market in the UK.”
The news has also been welcomed by Wandsworth council which says the market “needs to expand and diversify but it can only do this by making better use of its sprawling site and releasing surplus land for new development.”
Council leader Edward Lister added: “Although current economic conditions could not be worse, the market occupies a key location in Nine Elms alongside a number of other important sites which are attracting considerable interest from developers. There is no other area so close to central London which offers the scale of regeneration opportunities now emerging at Nine Elms.”
Wandsworth is working to encourage new development in the Nine Elms regeneration area. Last week the US Embassy announced it was moving into the five-acre Jack Barclay’s site in Nine Elms Lane and the owners of Battersea Power Station have been consulting on plans for their site which includes a proposal for a Northern Line extension from Kennington.
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