Eversheds has won a role advising Covent Garden Market Authority (CGMA) on a development project that could be worth up to £1bn.

Eversheds real estate partner Stephen Manson is leading a team advising CGMA on the latest phase of the regeneration project that will see the development of a fresh produce market in Covent Garden.

The authority launched a procurement programme earlier this month (9 March), inviting private developers to tender for a role that will see the successful company working in partnership with CGMA to construct the new 51,000 sq m market.

The procurement process is set to last until next summer when a development partner will be announced. The developer is due to be paid in the form of land, including development rights, rather than cash.

Manson commented: "We are working closely with the CGMA and its advisory team to ensure that the new market lives up to its potential, as well as making sure that the site up for redevelopment delivers on its promise as a legacy for the future."

He added: "It is effectively a land barter transaction with the surplus land going to the private developer in return for building the market. Land barter arrangements are not common in the property market and it will be an interesting deal to work on."

Eversheds was initially appointed to advise CGMA two years ago, alongside TLT, on the long-running project. TLT is advising CGMA on property-related aspects of the deal.