Traders and neighbours concerned for £2bn redevelopment of New Covent Garden Market in Nine Elms

The Covent Garden Tenants Association (CGTA) has set up a petition asking Wandsworth Council to reject a planning application for hundreds high-rise luxury flats.

The fruit, veg and flower market is being rebuilt as part of the large-scale regeneration ongoing in Nine Elms.

Traders fear residential development threatens the livelihood of more than 2,500 market traders, some of whom have left because concerns about space, rent and how building work will affect trade.

Gary Marshall, chairman of the CGTA said: "The CGTA and a number of residents' associations want Wandsworth Council to reject the planning application going before them next month.

"Covent Garden Market Authority (CGMA) talk about redeveloping the market but, in truth, the redevelopment is merely a means of making room for penthouse flats and apartments.

"It offers nothing but a facelift to the existing market and kills off the opportunity to expand this already vibrant, thriving environment. For market workers and local people this makes no sense economically, environmentally or socially. The only real benefit is to the developer."

Stephen Coates, 39, a musician, has lived next to the market for 15 years and said the redevelopment would push some of the noisiest parts of the market directly behind their house. He added: "It is noisy - we know that and we chose to live here. The main issue is the changes being proposed we believe would have adverse affects we think are being ignored."

Concerns have also been raised about traders renewing their five-year leases when they are unsure how much space they will get under the new development and how much their rent will be.

A CGMA spokeswoman said the plans were about making sure the market, the traders and the thousands of jobs are here for years to come.

She said: "The market is not downsizing. There will be room for all the fruit and vegetable wholesalers and distributors and everyone in the flower market. The only way the development can be financed is by freeing up some of the land not needed for core market activities. "This means that New Covent Garden Market, which is a public asset, can be redeveloped at no cost to the taxpayer."

With regards to the lease negotiation she said no company was being asked to make a decision now on new leases for the new market and at least a year before they will be asked to move they will be offered a new lease.

A spokesman for Wandsworth Council said: "We welcome all feedback on the application and the views put forward will be carefully considered by the planning committee."

The market moved to Nine Elms in 1974 and 40 years on the infrastructure is deemed unsuited to a 21st century market.