News and Press
TLT advises Covent Garden Market Authority on major site redevelopment

TLT is acting in the redevelopment of the UK's largest fresh produce market.

Having previously advised on land ownership issues for Covent Garden Market Authority (CGMA), TLT has now been appointed by CGMA to advise on the renewal of the 450 leases held by the 245 businesses operating in the market. This also includes the transfer of tenants from their existing premises into the space within the new building when constructed. Working in partnership with Drivers Jonas, this project will run alongside the redevelopment of the Market until its completion.

Specialist commercial property partner, Tim Rowe, who is leading the 7-strong TLT team comments, "This is an exciting retail redevelopment project and we're delighted to be involved. Members of our team have worked alongside the CGMA at their premises, which has given us a real insight into the operations of the market and the CGMA."

Jan Lloyd, Chief Executive at Covent Garden Market Authority, adds, “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. The changing nature of tenants, however, 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.