LONDON-Birmingham-based developer St. Modwen Properties plc has signed an agreement to redevelop the storied Covent Garden Market. St. Modwen’s partner in the venture is Vinci plc in Hertfordshire.
Some 550,000 square feet of updated facilities will be in operation once the construction dust clears, and it will house more than 200 shops in what is the UK’s largest fruit and vegetable market. The agreement was reached with Covent Garden Market Authority.
But the renovation will be more than apples and cherries. Funding for the renovation, according to St. Modwen executives, will come from the selloff of 20 acres of extra land that will then be developed for a master plan complex of up to 2,800 homes and some 155,000 square feet of as yet unspecified commercial development. All in, the gross value of the redeveloped site is 2 billion euros, or $1.3 billion US.
“The redevelopment of New Covent Garden Market is an incredibly exciting project,” said St. Modwen CEO Bill Oliver. “It complements our extensive experience in regenerating complex, brownfield sites. Vince and we look forward to engaging with tenants, neighbors and other stakeholders to progress the delivery of this development.”