SMP.L Regulatory News (SMP)

17 Mar 2006 08:49

St. Modwen Properties PLC17 March 2006 St. Modwen Properties PLC £75m re-development of Queens Market, Newham St. Modwen Properties PLC ("St Modwen") is a regeneration specialist. It hasfour particular areas of specialism: town centre regeneration; partneringindustry in its restructuring; brownfield land renewal; and restoring heritage St. Modwen has today signed an agreement with the London Borough of Newham forthe £75 million redevelopment of Queens Market, at Upton Park, which will seethe current tired 1960s concrete edifice replaced with a new market and retailfacilities, together with car parking, community facilities and a mix of privateand social housing. The scheme will comprise a new market hall brought out to the Green Streetfrontage of the site close to the access from Upton Park underground stationwith 165 market stalls, 49 shop units, a 47,500 sq. ft supermarket, operatinglargely at first floor level, an 11,000 sq. ft library/local service centre forthe Green Street area and 216 new homes. An existing 10-storey residential towerblock will be retained and its entrance improved and the surrounding publicrealm will be considerably enhanced St. Modwen will take over management of the existing shop units later this year,when it will also submit a formal planning application for the scheme. Subjectto consent, work on the Queens Market development will begin in 2008, with theentire project completed by the end of 2010. Anthony Glossop, Chairman of St. Modwen, comments: "Proposals to redevelop this site have provoked considerable local controversy,with a campaign launched to save the market. We are great supporters of markets,a number of our schemes nationally have been developed round improved marketfacilities, and will ensure that it remains open and vibrant and that allexisting stallholders are offered pitches in the new scheme. "We have already consulted widely and adapted our scheme in the light of thefeedback we received. We will now embark on a further consultation exercise toensure that local needs and concerns are fully addressed, before submitting ourdetailed plans for approval." Chris Wood, Deputy Chief Executive of Newham Council, adds: "We have listened to the views of local people and we have taken these on boardto ensure we get a much better market, with traders gaining a better and cleanerworking environment and significantly improved security of tenure. Local peoplewill see vast improvements to the condition of Queens Market, with better foodshopping choice, as well as the creation of new jobs." 17 March 2006 ENQUIRIES: St. Modwen Properties PLC Tel: 0121 222 9400Anthony Glossop, ChairmanBill Oliver, Chief Executive College Hill Tel: 020 7457 2020Gareth DavidMatthew Gregorowski This information is provided by RNS The company news service from the London Stock Exchange