£75m RE-DEVELOPMENT OF QUEENS MARKET,NEWHAM

St. Modwen has today signed an agreement with the London Borough of Newham for the £75 million redevelopment of Queens Market, at Upton Park, which will see the current tired 1960s concrete edifice replaced with a new market and retail facilities, together with car parking, community facilities and a mix of private and social housing.

The scheme will comprise a new market hall brought out to the Green Street frontage of the site close to the access from Upton Park underground station with 165 market stalls, 49 shop units, a 47,500 sq. ft supermarket, operating largely at first floor level, an 11,000 sq. ft library/local service centre for the Green Street area and 216 new homes. An existing 10-storey residential tower block will be retained and its entrance improved and the surrounding public realm 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. Subject to consent, work on the Queens Market development will begin in 2008, with the entire 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 market facilities, and will ensure that it remains open and vibrant and that all existing stallholders are offered pitches in the new scheme. We have already consulted widely and adapted our scheme in the light of the feedback we received. We will now embark on a further consultation exercise to ensure that local needs and concerns are fully addressed, before submitting our detailed 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 board to ensure we get a much better market, with traders gaining a better and cleaner working environment and significantly improved security of tenure. Local people will see vast improvements to the condition of Queens Market, with better food shopping choice, as well as the creation of new jobs.”

For further information contact St. Modwen Properties PLC on 0121 222 9400. Issued by Gareth David of College Hill (020 7457 2020).