Covent Garden Market Authority (CGMA), St Modwen and Vinci Plc have signed a joint venture contract for the regeneration of New Covent Garden Market (NCGM).
The rejuvenation of the 57-acre site at Nine Elms, London, will see the development of new 550,000sq ft modern facilities to house the 200 businesses that make up the UK's largest fruit, vegetable and flower market.
VINCI St Modwen (VSM) mixed-use scheme will support the creation of a new food quarter in London.
Baroness Brenda Dean, chairman of the CGMA, said: "We are pleased to have signed this development agreement and to confirm VSM as our development partners.
"Our vision for a modern new market is now significantly closer to being realised and the team at CGMA are looking forward to working with VSM and the tenant community to take the plans forward in what will be an important part of the new Vauxhall Nine Elms development area."
In addition to the redevelopments at New Covent Garden, the CGMA has also announced a new chair. Pam Alexander (pictured) will succeed Baroness Dean with effect from the 1 February 2013.
Alexander has more than 35 years' experience working closely with boards and governments on strategic policy and delivery of housing, regeneration, business support and economic development.
Jan Lloyd, chief executive of CGMA, said: "I would like to thank Brenda personally for her leadership and guidance, without which we would not have reached this significant milestone, securing the future of New Covent Garden Market. Her vision, energy and determination have been essential in achieving our current success. I am delighted to welcome Pam Alexander and look forward to working with her as we move into the delivery phase of this exciting project."
By Lisa Jenkins
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