Latest news
- Continued strong interest from bidders and original six short list now reduced to: Barratt Developments plc & Kier Group plc, Bouygues UK Ltd, St. Modwen Properties plc & Vinci plc
- Competitive Dialogue to continue with each remaining bidder with final tenders to be received in the late Summer
- Preferred Development Partner to be identified in the Autumn
- Selected bidder to lead delivery of modern new market facilities, paid for by developing land not needed the new market where plans include 2,500 homes, shops, commercial space and parkland
Covent Garden Market Authority (CGMA) has today announced the completion of the next stage of its OJEU procurement process to select a private development partner to lead the regeneration of the site and create modern new market facilities for its 200 tenant businesses.
The 57 acre site next to Vauxhall Cross forms a key part of the Nine Elms area and is one of London’s largest development opportunities.
The news follows the launch of the final stage of pre-application community consultation on 3 March, where new images and details of The Garden at New Covent Garden Market were displayed to key stakeholders and the public.
An outline planning application covering the entire site will be submitted to Wandsworth Council this Summer.
The Garden will be developed at no expense to the tax payer and will be entirely self financing from CGMA’s land assets, with the potential to generate a gross development value of around £1 billion.
Baroness Brenda Dean, Chairman of Covent Garden Market Authority said:
"We were delighted with the calibre of our original shortlist and this interest has been borne out in the high standard of outline solutions which were submitted.
"The three short-listed parties are all committed to this process and able to deliver. It has given us great confidence in the deliverability of the project as a whole and our ability to create modern new facilities for our tenants and their customers whilst also contributing to the wider regeneration of the Nine Elms area.
"This is one of the most exciting development opportunities anywhere in Europe right now and we look forward to engaging further and selecting a preferred partner later in the year."
Jan Lloyd, Chief Executive of Covent Garden Market Authority said:
"This is a significant milestone for the project and we will now be working through the design and financial details with each bidder, as part of a competitive process to arrive at the right outcome for the Authority.
"Our priority rightly remains the Market itself and with the expertise of those on the short list we are confident we will get a Market we can all be proud of, delivered without any call on Treasury Funds.
"Coming so soon as it does following the start of the final phase of pre-application consultation, our momentum is building as we also work towards the submission of a planning application to Wandsworth Council this Summer."
Nigel Durman, Director of Drivers Jonas Deloitte said:
"The evaluation process has been rigorous as we considered each of the outline solutions against our detailed criteria and the quality of bids submitted has re-enforced the real desire which exists from the development sector to partner with CGMA to deliver this project."
The competitive partner selection process is being undertaken in accordance with the competitive dialogue procedure under the Public Contracts Regulations 2006.
CGMA is being advised on the procurement process by Drivers Jonas Deloitte (Property), Turner & Townsend (Project Manager), KPMG LLP (Financial) and Eversheds LLP (Legal).
For further information, please contact:
- Suzi Lawrence, London Communications Agency, 020 7612 8480, sl@londoncommuniations.co.uk
- Jonny Popper, London Communications Agency, 020 7612 8480, jp@londoncommuniations.co.uk
- Helen Evans, Covent Garden Market Authority, 020 7501 3487, Helen.Evans@cgma.co.uk
- Nigel Durman, Drivers Jonas Deloitte, 020 7303 3573, ndurman@djdeloitte.co.uk.
