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Big contractors on shortlist for £1bn New Covent Garden Market redevelopment

13 Jul 10 Several major construction companies are among the six bidders shortlisted for the £1bn redevelopment of New Covent Garden Market in Vauxhall, south London.

Several major construction companies are among the six bidders shortlisted for the £1bn redevelopment of New Covent Garden Market in Vauxhall, south London.

Client Covent Garden Market Authority has picked the following teams for the next stage of the bidding process: Barratt and Kier; Berkeley; Bouygues; St Modwen; Stanhope; and the Garden Development Partnership with Skanska.

The Authority is looking for a partner to redevelop the 23-hectare Nine Elms site, which would include a a fresh produce market, and a residential-led mixed-use scheme. It estimates a development value of £1bn.

The new market, which will cover 550,000 sq ft, will be built and funded by the private development partner, but remain in the ownership of the CGMA.

The mixed-use development, which would comprise 2,300 homes, plus commercial buildings, shops, community facilities and a hotel, would cover around eight hectares.

CGMA will cut the shortlist down to three and expects to select its private development partner in June 2011.

It will also submit a planning application for the redevelopment of the site to Wandsworth Council in late 2010.

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