2013 Report details for project: Covent Garden Market Authority (CGMA) Redevelopment - Project Chrysalis

Project name: Covent Garden Market Authority (CGMA) Redevelopment - Project Chrysalis - there is only one report for this project
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Organisation: DEFRA (D7) - see all reports for this organisation
Report year: 2013 (data is from Sept 2012)
Category: Infrastructure - see all reports for this category
Description: To redevelop New Covent Garden Market, the UK’s largest flower, fruit and vegetable wholesale market on a 57 acre site in Vauxhall, London. It is run by the Covent Garden Market Authority (CGMA), a fully self-financing, Defra sponsored public corporation. CGMA is undertaking a £130m redevelopment of the site and the market’s accommodation. The redevelopment will provide modern market facilities (at no direct cost to the taxpayer) and will release surplus land to deliver residential units to help meet current housing needs. The project is part of the wider regeneration and development of the Vauxhall Nine Elms Opportunity Area.
DCA (RAG): Amber
DCA text: To mitigate risks, Defra has continued to work closely with CGMA to understand the merits of the legal challenge case and to ensure that there is a shared approach. CGMA received outline planning permission from the London Borough of Wandsworth on 18 June for their plans to redevelop the Market and to release surplus land for residential and commercial use. CGMA applied for outline planning permission for the site to help de-risk the development and it is expected to set a certain level of precedent for the planning application made by a private development partner.
Start date: 2008-09-29
End date: 2018-12-01
Schedule text: The delay in the signature of the Development Agreement with the preferred development partner will impact on the end delivery date, whatever the outcome of the legal challenge. The extent of the delay is not yet known.
Baseline: £0.00m
Forecast: £0.00m
Variance: None%
Variance text: Variance within tolerance
Whole Life Cost: £0.00m
WLCost text: CGMA is not consolidated into Defra’s accounts, and as such budget is shown as zero. The redevelopment of the market is being financed by transfers of land to the developer. As such ‘sale proceeds’ will flow through CGMA’s accounts giving rise to profits on sale of assets. In turn the ‘sale proceeds’, being the cost of building a new the market, will be capitalised as the market develops. Any additional receipts are to be transferred to HMT but at present it is too early to assume that additional receipts will arise. CGMA have undertaken that the redevelopment will not seek any Government Funding. Whilst project Chrysalis has no formal direct cost to Defra, there are some admin costs associated with our current input into the project, most of which, as essentially a 'watching brief', are fully incorporated into the day to day work of a small Defra sponsorship team.
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Sourcefile: DEFRA_2013.csv

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