In the UK, the Covent Garden Market Authority (CGMA) has announced that it has been granted consent by the government to redevelop New Covent Garden Market.
The go-ahead was given following a review of the case by both the Treasury and the Department for Environment, Food and Rural Affairs (Defra), with the procurement process now due to begin in 2009.
The programme, which was launched in 2006, will see the London-based market's 30-year-old, 23ha structure regenerated with 'fresh, modern facilities'. Initial base designs for the redevelopment were drawn up and tested for financial and functional viability in 2007, with all of them based on providing a market with a trading area of over 50,000m2.
'I'm really pleased to be able to give the go-ahead to the redevelopment of the market,' said Hilary Benn, secretary of state for Defra. 'CGMA have worked extremely hard to produce comprehensive plans for a new site for their tenants. We look forward to working closely with CGMA as they start to deliver a market which will continue to play a crucial rile in London's food chain.'
Chief Executive of CGMA Jan Lloyd said that the redevelopment represented a 'once in a lifetime' opportunity to further develop the market.
'From the time that we started the project in September 2006 we have been working towards this major milestone. Our plans for the market will open up a prime riverside location which will be of huge interest to the development community,' Ms Lloyd said. 'Our next priority is to ensure that we run a successful and effective procurement strategy so that together with a private development partner we can deliver a new market that is the best for our tenants and their customers.'
New Covent Garden Market is the largest fresh produce market in the UK with a turnover of £602m (€760.7m), of which £161m (€203.4m) is fruit and vegetable wholesale. Over 350 varieties of fruit and vegetable are sold at the market, which is home to around 250 companies.
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