A £2bn redevelopment project that will transform the home of London’s New Covent Garden Market has been granted planning permission by Wandsworth Council.

The proposals, a joint venture between developers Vinci and St Modwen for the New Covent Garden Market Authority (CGMA), will see the existing market in Nine Elms, London, consolidated into a complex of three buildings - releasing 20 acres of land for residential and retail development.

A new, 500,000 sq ft market will form the centrepiece of the decade-long multi-phase scheme, which is part of a wider regeneration of the area that also includes the redevelopment of Battersea Power Station and building of a Northern Line tube extension.

The project will also see up to 3,000 new homes built, plus 135,000 sqft of office space and 100,000 sqft of retail, leisure and new community facilities, including shops, cafés and restaurants.

Bill Oliver, CEO of St. Modwen and a director of the joint venture with Vinci, said approval of the scheme by Wandsworth Council would allow it to contribute to the long-term transformation of London’s newest residential and commercial quarter while “securing the future of New Covent Garden Market by delivering vitally important world-class market facilities”.

CGMA chairman Pam Alexander, said the market was “central to supplying London’s fresh produce”.

“With our development partners, we can now deliver the modern facilities that will enable our 200 tenant business to grow and thrive whilst welcoming the public to a new Food Quarter for London,” she added.