Drivers Jonas - General Appointment - Vauxhall, London
Date: 02 Jun 2008
Drivers Jonas (DJ) has been appointed to provide development, viability and procurement advice to Covent Garden Market Authority (CGMA) on their site at Nine Elms in Vauxhall, South London.
CGMA's existing facility was constructed in the 1960s and the opportunity now exists for the Authority to examine the viability for redevelopment options for the site. DJ is acting as advisor to CGMA to maximise the potential solutions for the asset by providing commercial input to the development brief, liaising with adjacent landowners and advising on development partner procurement options.
Mark Tredwell, associate at Drivers Jonas, said: "This is an exciting project that DJ is proud to be working on with the Authority and the market tenants. Our work will facilitate the development process whilst at the same time reinforce the Market as a modern and thriving resource for London We will now be assisting in detailing development opportunities, offering better space utilisation solutions and securing the long term financial viability of the UK's largest fresh produce market."
Jan Lloyd, Chief Executive, Covent Garden Market Authority said: "We are about to embark upon one of the most critical and exciting periods of the project to date. It is therefore essential for CGMA that we are supported by the right consultant team and levels of expertise as we seek to establish a design brief, secure agreement with planning authorities and procure a development partner. Our consultancy team have the experience to help us drive this project forward, help us keep our tenants and stakeholders informed of our progress and ensure we deliver a modern market for the future."
New Covent Garden Market is currently home to approximately 250 companies specialising in fresh fruit, vegetables, flowers and other food service suppliers employing 2,500 people. However the changing nature of tenants means the Market facilities and layout no longer meet trading requirements.
In September 2006 CGMA announced the start of a two year programme to agree how to replace its 30 year old infrastructure with fresh, modern facilities. Launched by Lord Rooker, Food & Farming Minister, the redevelopment of New Covent Garden Market is being led by CGMA with full Defra and Government support.
Initial tenant consultation and design conception has taken place to establish a base case model for the Market. This was tested in summer 2007 and established as financially and functionally viable.
CGMA recognises that private sector involvement will be needed to improve both the financials and to optimise the design and use of the site. CGMA remain open minded as to how this will work.
The immediate focus for CGMA is the development of a sustainable business plan for the future of the market, the drawing up of a design brief by the newly appointed design team and ongoing discussions with the planning authorities (London Borough of Wandsworth, London Borough of Lambeth and also the GLA). CGMA will also be preparing for the successful procurement of a private development partner later in the year by drawing up a comprehensive procurement strategy.
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