Development of a new 500,000 sq ft fruit, veg and flower market for the Covent Garden Market Authority will be funded by the release of 20 acres of land for VSM to build 2,800 new homes.
Subject to planning permission, construction could start in mid 2013. Construction will initially focus on the building of the new market ahead of a multi-phased move of the traders into the new purpose-built facility between mid 2014 and 2018.
St Modwen chief executive Bill Oliver said: “We believe our success is down to our extensive experience in delivering highly complex regeneration schemes such as this, in partnership with a global leading construction and concessions business in Vinci.”
Vinci chairman and chief executive John Stanion said: “As part of a leading global construction and concessions company we are delighted to be working with the Covent Garden Market Authority to deliver this particularly complex project. Our focus on developing a solution that enables the market to continue to trade efficiently throughout the construction programme has been critical in our success. This important contract builds upon our strong existing partnership with St Modwen.”
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