The redevelopment of south
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The redevelopment of south London’s New Covent Garden is being held up by market traders, who are understood to be demanding a stake in the project. Sources claim that the traders want to be given a shareholding of around 10% in the 56-acre opportunity in Vauxhall, SW8. The New Covent Garden Market Authority (CGMA) has commissioned a masterplan comprising a new 625,000 sq ft market, alongside residential and commercial elements and will tender for a development partner shortly. The quango is expected to get Treasury backing for the project in June. However, those plans could be delayed by the traders who are said to be refusing to commit to the renewal of their leases – which expire in 2010 – without the stake agreement. A CGMA spokesman said the negotiations were proceeding well on a “number of options”. The CGMA proposed a new rolling 10-year lease to traders last December, in a bid to enable a phased transfer to the new market. The traders, with architect SOM and Dutch bank ING Real Estate, had last year produced alternative proposals for the site (8 September, p37), but those plans have now collapsed. The news comes as the owner of the site – the CGMA – has appointed Drivers Jonas to provide property advice, while King Sturge will advise on planning. Mark Tredwell, associate at DJ, said: “We will be assisting in detailing development opportunities, offering better space utilisation solutions and securing the long-term financial viability of the UK’s largest fresh produce market.” Eversheds has been appointed to provide legal advice on the development. paul.norman@egi.co.uk
