The Covent Garden Estate was part of Beecham Estates and Pills Limited from 1924 to 1928, after which time it was managed by a successor company called Covent Garden Properties Company Limited, owned by the Beechams and other private investors. This new company sold some properties at Covent Garden, while becoming active in property investment in other parts of London. In 1962 the bulk of the remaining properties in the Covent Garden area, including the market, were sold to the newly established government-owned Covent Garden Authority for £3,925,000.[25]
By the end of the 1960s, traffic congestion had reached such a level that the use of the square as a modern wholesale distribution market was becoming unsustainable, and significant redevelopment was planned. Following a public outcry, buildings around the square were protected in 1973, preventing redevelopment. The following year the market moved to a new site in south-west London. The square languished until its central building re-opened as a shopping centre in 1980. An action plan was drawn up by Westminster Council in 2004 in consultation with residents and businesses to improve the area while retaining its historic character.[26] The market buildings, along with several other properties in Covent Garden, were bought by a property company in 2006