new covent Garden Market (NCGM) is unveiling its plans for a huge overhaul and redevelopment to the public, as it looks to harness local approval.
The south London market will display its proposals to local residents in the first of two public exhibitions in November, with a second following in early 2010 before the planning application is submitted later in the year.
The exhibitions will provide an opportunity for tenants, customers, suppliers, partners and the local community to see the Covent Garden Market Authority’s (CGMA) plans and comment on the proposals.
Since being given the green light by the government to proceed with the redevelopment, CGMA has been monitoring the challenging property market conditions closely. The authority has decided to start the procurement process for a private development partner to help raise funds as it looks to deliver the new market. This will be conducted via the Official Journal of the European Union from early 2010.
The new market, set to provide up to 540,000sqft of trading space for fresh produce and other food and flower-related activities, will be known as The Garden at New Covent Garden Market - a concept first announced by CGMA in March. This will see the creation of a food centre for London, including both the new market development and a range of food and flower-related activities on the site.
CGMA hopes to submit its application next spring before identifying and agreeing a deal with a private partner for the site by the second half of 2011.
Jan Lloyd, chief executive of CGMA, told FPJ: “The procurement process will run in parallel to the public consultation. We very much feel we have been pushing at open doors with this project and want to make sure the local community is involved in our plans.
“We are quite hidden from the road and we really want to tell people we are here and get local people involved - and maybe even employed - in the market.
“After three years of hard work and ongoing consultation with our tenants, we are at the stage where we can finally put some of our ideas on to paper and share our thinking outside the market walls.
“We are really keen to ensure that members of the local community feel part of our plans and over the coming months we will conduct the consultation locally, allowing people to come in and see for themselves the potential of this site and what its redevelopment will bring to the area.”
The NCGM flower market has already found a development partner in Foster & Partners, which will look at developing the extra space next to the brand-new flower market for mainly residential use.
NCGM is located in an area identified in the London Plan as a region of potential growth and regeneration. The Greater London Authority will announce its plans for the area imminently.
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