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News Release

London

JLL advise on landmark planning application for New Covent Garden Market

Plans for the development will take the UK’s leading wholesale market into the 21st century


London - Vinci St. Modwen, advised by the Land team at JLL have submitted plans for the development of New Covent Garden Market in a move that will take the UK’s leading wholesale market into the 21st century. 
 
New Covent Garden Market (NCGM) plays a vital part in London’s hospitality sector, supplying 40% of all the fresh fruit and vegetables eaten outside the home and 20 out of 20 of the capital’s top restaurants. These plans, when granted will secure the future for the 200 companies and the 2,500 workers trading at the market, together with their customers and suppliers.
 
The redevelopment of the 57 acre site will see 500,000sq ft of modern market facilities consolidated on one site. The new market, to be known as ‘The Garden’, will create a focus for food and flowers in London with a new food quarter, a place to trade, produce, consume, learn and share.
 
The redevelopment releases 20 acres of surplus land which will be transformed into a high quality residential neighbourhood comprising approximately 3,000 new homes, 135,000 sq ft of new office space and 100,000 sq ft of retail, leisure and new community facilities, including shops, cafes and restaurants. This will be part of the transformation of the wider Nine Elms on the South Bank area.
 
The entire scheme will be set alongside a new linear park for the area along the river and stretching from Vauxhall to Battersea Power Station via the new American and Netherlands Embassies. The extension of the Northern Line and the opening of two new tube stations will mean the majority of people living and working in the area will be within five minutes’ walk of a tube station. Subject to receipt of planning, development work on the new market will commence in 2015.
 
Commenting on this landmark planning application, Simon Hodson - Head of the Residential Land team commented: “The New Covent Garden Market application is the result of 6 years focused work on this project, and hopefully when consent is granted, the Residential team at JLL will have a further 10 years of involvement in the project, together with over 3000 apartments to market for sale and let.”
 
The project is a 50/50 joint venture between St. Modwen Properties PLC and VINCI PLC in partnership with Covent Garden Market Authority (CGMA).
 
For further information please contact Simon Hodson or James Cobb in the Residential Land team.​