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Vinci and St Modwen have been chosen as the development partner for the 拢2bn New Covent Garden Market development in London.

The Covent Garden Market Authority (CGMA) said they had selected VSM Estates, a joint venture between contractor Vinci and developer St Modwen, as their preferred development partner to lead the regeneration of the New Covent Garden Market site.

The multi-phased project has a gross development value of around 拢2bn and involves a complete rationalisation of the 57 acre site over a five year period.

The site next to Vauxhall Cross forms a key part of the Nine Elms regeneration area and is one of London鈥檚 largest development opportunities.

The scheme comprises the development of a new, 500,000 sq ft modern facility to house the around 200 businesses that make up the UK鈥檚 largest fruit, vegetable and flower market. This will be funded by the release and redevelopment of 20 acres of surplus land into a residential led mixed-use regeneration scheme.

VSM Estates will now enter into a contract with CGMA to develop the site and deliver a new market alongside new homes, commercial space and public open space.

CGMA said their winning bid scored the highest marks in the final stage of the procurement process which started in 2010.

Jan Lloyd, CGMA chief executive said: 鈥淲ith Vinci St Modwen confirmed as the preferred private development partner, the potential of this hugely important site will now be able to be unlocked. At the heart of the plans though remains the re-provision of a new market to ensure this important function for London continues.

鈥淭he quality of the bid submitted by VSM was very high and technically very strong and over the coming months, as we enter into a formal contract with them, we will have the chance to turn their plans into a reality and see a new, modern Market for our tenants delivered here on the current site.

鈥淲e have been talking about this for a long time but today marks a huge milestone for us and we are looking forward to starting work with Vinci St Modwen to help create a new area of London and a new focus for Nine Elms.鈥�

Bill Oliver, St Modwen chief executive, said: 鈥淲e believe our success is down to our extensive experience in delivering highly complex regeneration schemes such as this, in partnership with a global leading construction and concessions business in Vinci.鈥�

John Stanion, Vinci chairman and chief executive, said: 鈥淎s part of a leading global construction and concessions company we are delighted to be working with the CGMA to deliver this particularly complex project.

鈥淥ur focus on developing a solution that enables the market to continue to trade efficiently throughout the construction programme has been critical in our success. This important contract builds upon our strong existing partnership with St. Modwen.鈥�

An outline planning application covering the entire site was submitted to Wandsworth Council in the autumn last year by CGMA.

The application, seeking outline consent for 347,000 sq m of development is due to go to planning committee in May.