The government has given the thumbs-up to the redevelopment of New Covent Garden Market (NCGM).
Both the Treasury and DEFRA, which owns the market, have reviewed the business case for the market and now wish to develop a modern market on the existing Nine Elms site in south London to provide more space for letting. The process will soon be underway to find a private development partner to work with Covent Garden Market Authority (CGMA), which runs the market for DEFRA, to redevelop the whole site as one of the UK’s largest fresh produce wholesale markets.
The procurement process will begin next year and will provide one of the largest development opportunities in the capital. CGMA will talk with its advisers to see when would be the right time to go to the property and development market, especially important given the economic climate.
A spokeswoman at CGMA said: “We are aware that these are difficult times and any decisions we take will take into account the prevailing conditions at the time. This project is not going to happen overnight… This is… a once in a lifetime opportunity for NCGM - we have to get it right.”
The news has been welcomed by those at the market authority and its tenants. Baroness Brenda Dean, chairman of CGMA, said: “This is a major step in redeveloping NCGM. We have been working tirelessly for the last two years to achieve this result, which will guarantee that our market has a future…Now we move on to the next stage of seeking a private development partner to work with us..”
And ceo Jan Lloyd was keen to point out how important this next step will be. She said: “Our next priority is to ensure that we run a successful and effective procurement strategy so that together with a private development partner we can deliver a new market that is the best for our tenants and their customers.”
And Gary Marshall, chair of Covent Garden Tenants' Association was ebullient on behalf of the tenants. He said: “This is fantastic news for us all… The tenants’ association has played a central role in getting the project to this stage and we will continue to play a key part in what happens next so that we all have a market that we can be proud of.”
