Queens Market saved after £125m development scheme flops

28 July 2010

PROBLEM-plagued plans to revamp Queens Market have hit the skids after the chosen developers shocked Newham Council by pulling out of the £125million scheme.

Campaigners were celebrating after the seven-year battle against the regeneration project came to an abrupt end on Friday when St Modwen decided to withdraw.

The sticking point was the Town Hall's refusal to extend the project's deadline to 2014.

Friends of Queens Market fought the development, claiming it did not reflect or benefit the local population.

Its secretary, jubilant Pauline Rowe, said th4 departure of the development company was "a great day for Friends of Queens Market and the thousands of ordinary people, traders and shoppers, who took on these great property developers and won."

A council spokesman said: "While it is true the project became a victim of the 'credit crunch', as have many others across the country, it was felt the conditions set out in the contract would not have been satisfied within a reasonably foreseeable time."

The Town Hall will now manage rent collection and landlord duties of the market's shops.

Full story by Eleanore Robinson in this week's Recorder