Covent Garden Market Authority is preparing an outline planning application for the 57 acre New Covent Garden Market site.

The plans include a market for 240 tenants - up to 540,000 sq ft of trading space for fresh produce, food and flower selling – as well as opportunities for other redevelopment.

The development will be financed through the redevelopment of other areas of the site for commercial use, including the redevelopment of the current Flower Market site.

The 10 acre Flower Market site sits just 400m from the transport interchange at Vauxhall Cross. Plans for this site are being developed for CGMA by Foster & Partners for mainly residential use.

The new market project is being called ‘The Garden at New Covent Garden Market’.

Baroness Brenda Dean, chairman of Covent Garden Market Authority said: ‘The decision to prepare an outline planning application for the whole site is a major milestone and will help us fulfil our vision and commitment for the best of food and flowers in the heart of London.’

CGMA will host the first of two public exhibitions about the outline planning application in November 2009, with a second one following in early 2010 before the planning application is submitted later in that year.