St. Modwen Properties PLC and its joint venture partner Vinci Plc have signed a contract with the Covent Garden Market Authority to be the development partner for the New Covent Garden Market site in Central London. The multi-phased project has a gross development value of around £2 billion and will entail the rationalization and master planning of the entire 57 acre site situated next to Vauxhall Cross, Nine Elms. The regeneration of the existing 57 acre New Covent Garden Market site will see the development of 550,000 sq.

ft of modern facilities which will house the circa 200 businesses. These new facilities will be funded through the release of 20 acres of surplus land which 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. Nine Elms is one of London's key development areas for new mixed use development and the plans for New Covent Garden Market form a vital part of its regeneration, acting as the gateway to the Vauxhall, Nine Elms and Battersea Opportunity Area.

Current projects being undertaken in the area include the development of the new United States Embassy and the redevelopment of Battersea Power Station.