The Covent Garden Market Authority has invited bids for a development partner for the redevelopment of its 57-acre site at Nine Elms in Wandsworth, south London.
The authority wants to construct new market buildings and ancillary accommodation, which will be funded via the development rights of up to 20 acres of CGMA’s surplus land assets on the site.
Besides the new market buildings, which will cover 500 000 sq ft, there are plans for 2,000 homes, plus shops and open spaces at the site on London’s Southbank, which runs from Lambeth Bridge in the north to Chelsea Bridge in the south west, including Vauxhall Cross and Albert Embankment.
The primary surplus site is the rectangular 10 acre northern site close to the River Thames which offers the opportunity for a major residential-led mixed use scheme with a potential value of £1bn.
In addition there will be other surplus land around the existing market released by CGMA for redevelopment following delivery of the new market facilities.
The existing market must continue trading through the construction period.
The total value of the contract is estimated at between £70m and £110m. The construction work is expected to run for eight years.
The deadline for expressions of interest is 21 May.