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New Lease Agreed for Elephant and Castle Market

6 May 2009

St. Modwen, the UK’s leading regeneration specialist and owner of the Elephant & Castle Shopping Centre, has agreed a new five year lease with Market Owners, Urban Space Management (USM) to continue its operation of the Elephant and Castle Market.  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, Urban Space Management 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 Southwark, land owners and development partners, to identify a new home for the market within the regeneration scheme.

Martyn Wills, project manager, USM says: "In a period where we are all uncertain about the timing of redevelopment plans at Elephant and 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 & 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.”
 
For further Information contact:

Sarah Hewson
Marketing and Press Manager
T: +44 (0)20 75157153
F: +44 (0)20 75319786
W: www.urbanspace.com
E: sarah.hewson@urban-space.co.uk