Wragge & Co's real estate specialists have advised long-standing client and the UK's leading regeneration specialist St. Modwen Properties PLC together with its joint venture partner VINCI PLC, on a £2 billion development project for the regeneration of New Covent Garden Market in London.
VINCI St. Modwen will work as development partner with the Covent Garden Market Authority on this milestone multi-phased project. It is one of the biggest mixed-use and residential developments in the South of England and entails the rationalisation and master planning of the entire 57 acres site situated next to Vauxhall Cross, Nine Elms.
The regeneration of the existing 57 acre New Covent Garden Market site will include development of 550,000 sq ft of modern facilities to house the circa 200 businesses that make up the UK's largest fruit, vegetable and flower market. These new facilities will be funded through the release of 20 acres of surplus land. That land will then be developed to create a new high quality residential led mixed-use regeneration scheme, providing up to 2,800 new homes and 115,000 sq ft of commercial accommodation.
Real estate partner Peter Thorne led a team of real estate experts advising on the deal. He was assisted by consultant Tim Steele, real estate tax partner Lee Nuttall and real estate finance partner Colin Hurt as well as chairman of commercial development and investment Robert Caddick. They worked closely with St. Modwen's London and South East regional director Tim Seddon and project manager Andrew Percival and senior project development manager Peter Watson at VINCI PLC.
Peter Thorne said: "We have been working with St. Modwen for more than 20 years and operate as an extension of its team. Our appreciation of its commercial drivers combined with extensive experience of advising on complex redevelopment projects means we are well placed to handle this landmark matter. We look forward to continuing to work closely with them to see that the project is a success for all parties."
Tim Seddon added: "It is very rewarding to have now signed the Development Agreement with the Covent Garden Market Authority and we are now looking forward to delivering this extremely exciting and important regeneration project. The advice and expertise provided by Wragge & Co on this transaction proved invaluable."
Eversheds' head of regeneration Stephen Manson and principal associate David Newstone advised the Covent Garden Market Authority.
St. Modwen is the UK's leading regeneration specialist. A FTSE 250 company, St. Modwen operates across the full spectrum of the property industry from a network of seven UK offices, a residential business and through joint ventures with public sector and industry leading partners. It has a property portfolio of £1.1 billion. Wragge & Co has been working with St. Modwen for more than 20 years advising on its regeneration of Longbridge.
VINCI PLC is a national construction and facilities company with an annual turnover of more than £1 billion.
Providing a sector-focused service, Wragge & Co's real estate specialists act for investors, developers, major corporates, financial institutions, housing associations and local authorities in the UK and worldwide. Some real estate highlights from the past 12 months include advising Harbert Management Corporation on completion of £204.5 million acquisition.