The plans with the Covent Garden Market Authority will lead to the transformation of the 57 acre site situated next to Vauxhall Cross, Nine Elms.

The multi-phase scheme will include development of 550,000 sq ft of modern facilities to house the 200 businesses that make up the UK’s largest fruit, vegetable and flower market.

The new market will be funded through the release of 20 acres of surplus land which will then be developed to create a new high quality residential led mixed-use regeneration scheme, providing 3,000 new homes and 135,000 sq ft of new office space and 100,000 sq ft of retail and leisure.

The designs build on the planning permission already secured by the Covent Garden Market Authority in 2012.

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

Existing New Covent Garden Market site

Plan for new market and new homes

Bill Oliver, Chief Executive of St. Modwen, said: “This latest milestone is a hugely important step forward for this vital and complex regeneration project, which will act as the gateway to the Vauxhall, Nine Elms and Battersea Opportunity Area.

“We are now looking forward to working alongside Wandsworth Council to secure planning approval and, with CGMA, to transform the area into a lively and exciting new quarter for London.”

David Bowler, director of Vinci, said: “We are looking forward to working with St. Modwen and CGMA on this exciting regeneration project which will transform this area of central London for those who live and work there.”