Subscribe to our monthly newsletter

Get the knowledge and inspiration you need to help you build
a profitable portfolio - straight to your inbox!

Insight & Opinion

Planning agreements for the £2bn New Covent Garden Market site is set

Author: Luke





Nine Elms is situated between Lambeth and Chelsea Bridge, and is an up-and-coming development that is expected to take 10 years to complete. Starting in 2008 and expected to finish in 2017, the regeneration of southwest London has been attracting locals and foreigners alike. Battersea estate agents, Eden Harper mentioned; with its glossy new skyscrapers, green spaces and community areas; Nine Elms is expected to become one of the most popular places to live and work in London. At the heart of the project, lies the American Embassy, which is likely to be a pull for local business and attractions In turn, this will draw visitors making it a particularly desirable place to live.

More recently came the announcement that work was to start on the transformation of Covent Garden market, a project expected to cost £2 billion. This site is expected to reside next to the Vauxhall cross and the 57 acre site will be divided up into plots with 20 acres devoted to around 3,000 new residential homes – 600 of which will be reserved for local residents to own or rent through affordable housing schemes. There will be 135,000 square foot of office space and 100,000 square foot of attractions such a shops, restaurants, sport and community facilities; all of which will make the area a social hub with all your leisure needs just a stone’s throw away from each other. The remaining 37 acres will consist of the New Covent Garden market, which will stretch 500,000 square feet of state of the art facilities, and it is here that the 200 market businesses will be situated along with their 2,500 employees.

Covent Garden market has been a fixture of the London landscape since 1974, and is Britain’s largest wholesale market. It’s always been a pull to tourists, but with this latest revamp we should see even more flocking to its many shops and businesses. The market which has always focused on supplying fresh fruit and vegetables as well as flowers; will now include many eateries as an extra attraction for visitors.

There will also be an extension of the northern line from Kensington to Battersea. Work on this will start next year and is expected to be completed by 2020. The construction of two new stations is expected with Nine Elms in the east and a station close to Battersea power station. The extension of the line is expected to cost £1 billion.

Over the past 15 years, we’ve slowly been seeing the regeneration of London. This started in the east, with the extension of the Jubilee Line to provide proper transport links to the Olympic village, this in turn gave a boost to the whole area and property prices soared and businesses flocked to area. So the Nine Elms development can only be seen as a plus for Londoners, as it will help bring in much-needed money to the capital and provide long term jobs for those in the building trade.

You may also like: