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NEW LEASE AGREED FOR ELEPHANT AND CASTLE MARKET, SOUTHWARK

… highlighting ongoing confidence in local retail market

St. Modwen, the UK’s leading regeneration specialist and owner of the Elephant and Castle Shopping Centre, Southwark, has agreed a new five year lease with Urban Space Management which will cement its continuing operation of the Elephant and Castle Market. This comes as a welcome boost of confidence for the area amidst the on-going uncertainty surrounding the timings for the redevelopment plans.

In agreeing a new lease, Urban Space Management has not only secured the immediate future of the market but is also investing in a programme of improvements including new market stalls, traders storage, additional kiosks and an eye-catching environmentally-friendly roof sign.

As a long standing contributor to the community in the borough, the market managers (USM) will continue to work closely with local residents, traders and community groups to offer stalls and advice to those wanting to start-up a low-risk, new business in these difficult economic times. The Market offers traders a chance to grow their businesses from a single market stall and expand in a simple and straightforward manner.

The new lease which runs until at least 2014, secures the Market as a vibrant part the Elephant area during the period of decision making for the major regeneration and potentially into the long term. USM has been involved in ongoing discussions with the council, land owners and development partners, to identify a new home for the market within the eventual regeneration scheme.

Martyn Wills, project manager, USM says:
“In a period where we are all uncertain about the timing of re-development plans at Elephant & Castle this agreement and the investment that Urban Space Management are making in the market sends out a clear signal that, for us it is business as usual at the shopping centre for the foreseeable future.”

James Stockdale, development manager, St. Modwen adds:
“We are delighted to agree a new long term lease with USM which matches our commitment to the Elephant and Castle Shopping Centre. Considering the current economic difficulties the centre is trading exceptionally well with over ninety five per cent of the retail and office space now let. To maintain this level of success, St Modwen is investing in the centre with new branding, refurbishment of the malls and new internal and external signage.”

Notes to Editors:

St. Modwen is the UK’s leading regeneration specialist, operating across the full spectrum of the property industry through a network of seven regional offices and a Birmingham based head office. The company is wholly focussed upon regeneration with expertise in brownfield land renewal, partnering with industry, town centre regeneration, Innovation Centres and education projects www.stmodwen.co.uk