SMP.L Share News (SMP)

Commercial contracts and planning agreements for the regeneration of the 57-acre New Convent Garden Market near Battersea, London, have gone unconditional, according to developer St Modwen Properties.The 10-year project, between 50:50 joint venture partners St Modwen and Vinci, will see the delivery of over 500,000 square feet of new market facilities across a 37-acre site which will house 200 market businesses.The remaining 20 acres will be turned into 3,000 new homes, 135,000 sq ft of office space and 100,000 sq ft of retail, leisure and new community facilities.The main construction work is scheduled to start this summer.St Modwen's chief executive Bill Oliver said the milestone "enables the start on site of this major transformational project which is central to the Nine Elms Regeneration area".He added: "It will deliver a substantial positive economic impact in terms of employment, housing, and investment for London."The stock was up 0.6% at 469.5p by 08:19 on Thursday.