Covent Garden Market Authority (CGMA) is celebrating its 50th anniversary this week with the announcement of two major milestones - the submission of the planning application for the market’s regeneration and final tenders announced for its private development partners.
Baroness Brenda Dean confirmed the submission of final tenders by potential private development partners and the submission of an outline planning application to Wandsworth Council.
The two final tenders are from Bouygues UK Ltd and Carlyle Group, and St. Modwen Properties plc and Vinci plc.
The tender submission is the final phase in the Official Journal of the European Union tender process to select a development partner who would work in partnership with CGMA to build the new market facilities, paid for by the issuing of development rights on the surplus areas of the site.
The bids will be assessed in detail, with the final stages of government approval required before the successful bidder is confirmed in spring 2012. Work will likely begin in 2013.
Speaking at a lunch to mark the 50th anniversary since the establishment of CGMA to run New Covent Garden Market at the House of Lords on Wednesday, Dean said: “The robustness of the bids themselves demonstrates without question that our vision is deliverable at no expense to the taxpayer and is an attractive proposition for the private sector, which is vital for this development to be brought forward.”
