The government has given its consent to the redevelopment of the new covent garden market site at nine elms in Vauxhall, London, following a review of the business case by both the treasury and the department for environment, food and rural affairs.
The market has been based on its current 57 acre site since 1974, with 250 companies employing 2800 people specializing in fresh fruit, vegetables, flowers and catering services. However the changing nature of the tenants, an aging infrastructure and a sprawling site layout means the market is uneconomic to run in the long term without new investment.
The development project will provide modern, new market facilities for traders and customers alike, funded by the release of some surplus land. It will mark the most significant new investment in the market for a generation.