New Covent Garden Market Redevelopment

• Covent Garden Market Authority• Statutory Corporation• Sponsored by Defra• Set up in 1960’s• Act of Parliament• Legal Duty

Provide wholesale horticultural market at Nine Elms Break even taking one year with another

History

Role of CGMA• Landlord for site – generate

income from rent and service charges – no government subsidy

• Responsible for– Leasing premises, collecting rent– Roads, traffic and parking– Cleaning and waste disposal– Energy provision– Site security, health and safety– Building and plant maintenance– Market promotion– Business support and development

The Market TodayFlower Market 11%*

Traditional Fruit & Vegetable 31%*

Wholesale Distribution 58%*

• 200 businesses

• Turnover £560m pa

• c. 2,500 people employed

• Supplies 40% of all fruit and vegetables on plates outside the home in London

• Key hours of operation – midnight to 8am

• 4,000 vehicles per night

* By Turnover

RedevelopmentWhy Redevelop?

• 35 year old facilities• Ageing buildings• Inflexible trading units• Poor circulation/congestion• Out of date services• Drainage issues• Poor use of space

Redevelopment• Following feasibility, Government approval for

redevelopment in Autumn 2008

• Strategy – redevelop the land not needed for the market to raise money to pay for its reconstruction including a relocated flower market

• Find a private development partner

SiteFlower Market

10 acres

Covent House

0.5 acres

Entrance Site

3 acres

Main Site

44 acres

Redevelopment – Timetable

Spring 2010Summer 2010 Spring 2011Summer 2011Autumn 2011Winter 2011/12Spring 20122013

started search for private development partnershortlisted of interested private development partnersfinal short list of private development partnersoutline planning application submittedselect private development partneroutline planning application decisionprivate development partner contract signedwork begins

Vision• CGMA will create a modern food and

flower wholesale market by:-

1. NCGM• Delivering outstanding levels of service, value and

sustainability2. Wider Business Community

• Creating an entrepreneurial focus for food and flowers in London

3. Local Community• Being an active socially responsible partner

4. London and Beyond• Becoming a catalyst for growth and regeneration

… more than just a market….The Gardenat New Covent Garden Market

More than just a MarketMore than just a Market

The Garden

The New Market• Five new buildings for food

wholesalers• A brand new Flower Market• Flexible trading units• Better parking and delivery

arrangements• New loading areas• New pedestrian access points• New “green” energy centre

• Build and Decant

The Garden Heart• A focus for food for London• Link between market and the public

New homes, shops and open spaces

World class regeneration of former Flower Market siteA green new city quarter in the centre of Vauxhall

Plus...

Thessally Road

College Site

TransportImproved access for all−Better traffic flow around the site−Improved access to the site−Better emergency access−Potential new bus route−Pedestrian & cycle links/routes−Tube link

Nine Elms

More than just a MarketMore than just a Market