The Government has given the green light to redevelopment plans for the New Covent Garden Market (NCGM) site at Nine Elms in Vauxhall, London, following a review by the Treasury and the Department for Environment, Food and Rural Affairs (Defra).
The Market has operated from a 57-acre since 1974 with 250 companies specialising in fresh fruit, vegetables, flowers and catering services. But the changing nature of tenants, an ageing infrastructure and a sprawling site layout, means it will be uneconomic to run in the long term.
The procurement process is expected to begin next year following the selection of a private development partner and the redevelopment project will provide modern, new market facilities for traders and customers funded by the release of surplus land.
Baroness Brenda Dean, the chairman of the Covent Garden Market Authority, said: "This is a major step in redeveloping New Covent Garden Market. We have been working tirelessly for the last two years to achieve this result. We are committed to providing a new facility for our tenants at Nine Elms, which will continue to be the largest fresh produce wholesale market in the UK."
NCGM has an annual turnover of £602m and sells over 350 varieties of fruit and vegetables are sold along with flowers and foliage from around the world.
By Emma White