£1bn New Covent Garden scheme down to six bidders

Aaron Morby 14 years ago
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Covent Garden Market Authority has shortlisted six developers to bid for the £1bn regeneration of the market site in London.

The proposal for the 57 acres site includes building a fresh produce market on the site of the existing market in Vauxhall, on the south bank of the river Thames.

The new market will be up to 550,000 sq ft and will be built and paid for by the chosen developer.

In return CGMA will offer the development rights for a mixed use scheme on around 20 acres of adjacent land.

The six selected parties

  • Barratt Developments and Kier
  • Berkeley Group
  • Bouygues UK
  • St. Modwen Properties
  • Stanhope
  • The Garden Development Partnership, including Skanska

The site will have the potential to generate a gross development value of £1bn from a high density, residential-led, mixed-use scheme including 2,300 new homes, commercial and retail space.

Each of the chosen firms will now be asked to take part in the competitive dialogue process starting in August and running until early next year.

CGMA is being advised on the procurement process by Turner & Townsend acting as development manager, Drivers Jonas Deloitte, KPMG and Eversheds.

Procurement timeline

  • Competitive dialogue August 2010 – Jan/Feb 2011
  • Close Competitive Dialogue & Issue Invitation to Tender (ITT) Jan/Feb 2011
  • Tender completion period Feb – March 2011
  • Evaluation, and confirmation of final tenders March – April 2011
  • Approvals May – June 2011
  • Contract award July 2011

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