Vinci on board for £2bn New Covent Garden Market scheme

Aaron Morby 12 years ago
Share

A joint venture between Vinci and St Modwen has won the development partner race for the £2bn redevelopment of the New Covent Garden Market in Nine Elms.

The Covent Garden Market Authority has selected their joint venture VSM Estates ahead of a pairing of Bouygues UK and the Carlyle Group for the massive building project due to run for five years.

This will see a new, 500,000 sq ft market built to house 200 businesses that make up the UK’s largest fruit, vegetable and flower market.

It will be funded by the release and redevelopment of 20 acres of surplus land into a residential led mixed-use regeneration scheme that will see 2,800 homes built near the planned US Embassy.

Three of the nine planned residential blocks will be 30-47 storeys high.

The contract is subject to full planning consent for VSM Estates’ scheme with construction expected to commence by mid-2013.

Construction will initially focus on the building of the new market ahead of a multi-phased move of the traders into the new purpose-built facility between mid-2014 and 2018.

John Stanion, chairman of Vinci plc, said: “As part of a leading global construction and concessions company we are delighted to be working with the Covent Garden Market Authority to deliver this particularly complex project.

“Our focus on developing a solution that enables the market to continue to trade efficiently throughout the construction programme has been critical in our success.

“This important contract builds upon our strong existing partnership with St Modwen.”

Bill Oliver, chief executive of St. Modwen, said: “We believe our success is down to our extensive experience in delivering highly complex regeneration schemes such as this, in partnership with a global leading construction and concessions business in Vinci.”

    New Covent Garden Market plan in detail

    • All market activities moved onto the main market site, in a phased redevelopment which aims to minimise the disruption to tenants. Redeveloping rather than refurbishing the existing 1970’s buildings creates a more efficient site layout

    • The market plans will deliver five new buildings for wholesale and catering distributors, alongside a
    dedicated new flower market building, relocated from its current location at the Northern Site.

    • Plans also include a new building, called The Garden Heart for food and flowers in London, open to the public. This will be a hub of activity outside of the market, providing a base for a host of facilities such as exhibition space, education facilities, cafes and a food retailing including a public market.

    Four development plots are freed up by these plans:

    • The largest is the 4.22 hectare Northern Site, located close to Vauxhall Cross. The plans are centred around a new linear park where 1,600 new homes will be built in 9 residential buildings – six blocks to the north and south are arranged as ‘fingers’ and are between 11 and 17 storeys. Three taller buildings will form part of a cluster of high-rise buildings that will emerge at Vauxhall to the east and which range from 30 to 47 storeys, the tallest includes a hotel.

    • Along Thessaly Road – the south western boundary of the market – the current brick wall will be demolished to release land for 180 new residential units built in 4 blocks around communal gardens and play spaces.

    • At the 1.08 hectare College site, at the south eastern end of the market around 100 new homes are proposed arranged in three blocks.

    • The current entrance to the market will be demolished to create a gateway to the new linear park from Battersea. Over 400 new homes are proposed in a stepped arrangement of buildings, which rise to 15 storeys towards Nine Elms Lane and are combined with local shops.

Latest project news

Galliford Try to upgrade Red Arrows base

Contractor seals quartet of RAF base upgrades
5 months ago

Galliford Try bags £87m Brent Cross build to rent job

Firm picks up another three blocks at Argent's North London £8bn regeneration scheme
6 months ago

Balfour starts £67m Edinburgh school campus

Passivhaus certified campus buildings will replace Liberton High School
6 months ago

Red wins Bristol retirement village £14m expansion

44 extra care flats to be built at former Frys chocolate factory
6 months ago

Caddick bags UK’s largest fertiliser plant job

Yorkshire contractor seals £28m contract for new plant in Yorkshire
7 months ago

Mace wins concrete bunkers for world’s most powerful laser

Firm will build two 7m tall bunkers with 2m thick radiation resistant concrete walls
7 months ago

Robertson to deliver £20m Alloa Wellbeing Hub and school

Design work will now start on Wellbeing Hub and Lochies primary school
7 months ago

Green light for Canada Water next phase of 380 homes

Zone G plan includes major resi tower, supermarket and park
7 months ago

Mace to start £230m Landsec London office job

Timber Square project will pioneer a hybrid cross laminate timber and steel superstructure
7 months ago

British Land multi-storey logistics hub approved

London urban last-mile logistics hub pipeline hits £1.3bn
7 months ago

£350m Birmingham triple tower scheme approved

Vast curving Ringway Centre to be demolished for 1,750 flats development
7 months ago

Midgard lands £245m Tottenham Hale towers

Three towers of up to 38 storeys complete north London regeneration scheme
7 months ago

Go-ahead for Wates £35m Hartlepool leisure centre job

Work on the Highlight waterfront centre to start in November
7 months ago

Green light for 690-home Birmingham Smithfield scheme

Prosperity Group plans to start work in Autumn next year on major Smithfield scheme
7 months ago

Go-ahead for 289 homes next to Saltaire World Heritage site

Ambitious plan to demolish a vacant Bradford office complex for new residential quarter
7 months ago

Plans in for 800-bed Leeds student and retail scheme

Major scheme will replace The Core shopping centre in the city
7 months ago

McAleer & Rushe awarded £60m Barking flats job

Work to start in November on near 200 rental homes project
7 months ago

ISG clinches £155m Cat D prison expansion

Firm to deliver 780 new places at three existing prison locations
7 months ago

27-storey Salford student tower approved

540-bed student block to be built on former site of McDonalds' regional HQ
7 months ago

Morgan Sindall £48m Dumfries school job approved

Building work to start before the end of 2023
7 months ago

Bouygues/Murphy JV tipped for £2.3bn Thames tunnel job

Frontrunner emerges for Lower Thames Crossing 4.2km tunnel job
7 months ago

Vinci/McAlpine JV to start £105m NHS rehabilitation centre

Treasury clears New Hospital Programme job to start main construction
7 months ago

Three giant lab buildings approved at £700m Oxford R&D district

Phase 2 Oxford North office and lab buildings to deliver 460,000 sq ft of space
7 months ago

RG Group to build tallest student block in the world

Contractor confirmed on 45-storey tower in Leeds
7 months ago

Vinci wins major St Helens town centre revamp

£90m first phase includes new market hall, 120-bed hotel and over 60 flats
7 months ago

Work to start this year on Manchester £250m spa resort

Developer Therme gets green light for re-engineered 28-acre Trafford complex
7 months ago

Barhale JV sign-off for £18m Dewsbury sewage works upgrade

Project forms part of Yorkshire Water’s £500m investment in Phosphorous removal
7 months ago

Murphy seals main build on £124m Essex station

Contractor lands main contract after successful start on enabling works package
7 months ago

GMI lands latest £42m phase of lab cluster

Citylabs life sciences complex in Manchester continues to grow
7 months ago

Green light for Canada Water commercial scheme

Twin-tower scheme will offer "a new type of office for London"
8 months ago

Contractor services