Shortlist of Six Developers for The Garden Revealed

Covent Garden Market Authority (CGMA) has announced the shortlist of developers selected for the next stage of the procurement process to develop The Garden at New Covent Garden Market.

This is a key step in the redevelopment of New Covent Garden Market which will see a brand new fresh produce Market built on the existing site in Nine Elms.

The six selected parties are:

• Barratt Developments Plc & Kier Group plc
• Berkeley Group plc
• Bouygues UK Ltd
• St. Modwen Properties plc
• Stanhope plc
• The Garden Development Partnership

Each of these will now be asked to take part in the competitive dialogue process starting in August and running until early next year.  During this time potential partners will be asked to work with CGMA to develop a scheme for the redevelopment of The Garden at New Covent Garden Market.

Baroness Brenda Dean, Chairman of Covent Garden Market Authority said:

“The calibre of our shortlist demonstrates the importance of the development opportunity we have here at The Garden.  Crucially this project will be delivered with no call on Treasury Funds – it will be entirely funded via our asset base and we are therefore delighted that in these testing times we have attracted this level of interest and look forward to working with these parties through the next stage of the process.

“This is another significant step for CGMA in achieving our vision and we will continue to push ahead with this project to ensure we achieve our vision and deliver a new market for London.”

Jan Lloyd, Chief Executive of Covent Garden Market Authority said:

“We knew from the outset that The Garden represented a fantastic business opportunity and our shortlist of some of the foremost developers shows we were right. 

“Our priority remains the Market and delivering this for our tenants and their customers, and with the expertise of those on the list we are confident we will get a Market we can all be proud of today and in the future.

“The challenge now is to ensure that each of these companies is able to maximise the potential of this unique site and make it the food destination for London.”

Nigel Durman, Director of Drivers Jonas Deloitte said:

“The Garden is a unique opportunity to become involved in transforming one of the last large scale development sites in the Capital. Despite the challenging economic climate, I am delighted with the level of interest received and that we have such a strong shortlist of potential partners.”

In tandem with the procurement process, CGMA is also continuing to work towards the submission of a planning application to Wandsworth Council in late 2010.