TLT has advised Covent Garden Market Authority on the property aspects of the demolition and redevelopment of its former Flower Market, as part of the £470m sale of the site in Nine Elms, Battersea by CGMA's development partner a 50/50 joint venture between Vinci and St Modwen.
The site (to be known as Nine Elms Square) is being sold on by VSM to Wanda Commercial Properties of Hong Kong, a subsidiary of Chinese-owned, Dalian Wanda. The deal was announced in late June and is due to complete at the end of the summer after the demolition of the Flower Market. Under a development agreement with CGMA, VSM has the right to acquire the land in return for delivering state of the art market facilities at New Covent Garden Market.
Real Estate partner Mark Routley led the TLT team advising CGMA with Eversheds advising on other aspects of the Development Agreement. Gowling WLG advised VSM and Reed Smith acted for Wanda.
TLT Real Estate Partner Mark Routley said:
"This is a major milestone in the complex regeneration of Nine Elms – one of the largest development sites in central London. It has been a significant task bringing to an end all the current tenant leases to prepare for the demolition and relocation of those tenants into new buildings. The outcome will be a new purpose-built market at this important central London site."
Mark Weatherald, Property Director at CGMA commented:
"Having supported us on this project since 2005, TLT has been an integral part of the team tasked with securing the future of New Covent Garden Market. This future means delivering a new, modern market that offers much better trading conditions as well as the opportunity to create a new public facing Food Exchange"