Vinci joint venture wins €155 million UK project

A joint venture between French contractor Vinci and UK developer St Modwen has been named the preferred bidder for a £130 million (€155 million) contract to redevelop New Covent Garden Market in Vauxhall, London.

The project involves modernising a 23ha site over a five-year period and includes the construction of a 46452m² facility to house the around 200 businesses that make up the current fruit, vegetable and flower market.

Vinci said that funding for the contract would come from the release of 8.1ha of surplus land to the joint venture. It said it would redevelop this land for sale into a residential led mixed-use regeneration scheme, including approximately 2,800 new homes.

Construction on the New Covent Garden project is expected to start in mid-2013, and traders are expected to be able to move into the new facility between mid-2014 and 2018.