Planning Application Submitted for Shepherd's Bush Market Development
Yoo Capital pledges no rent increase until at least 2031
A visualisation of the entrance to the new market. Picture: Yoo Capital
May 24, 2023
The planning application for a major redevelopment of the area around Shepherd’s Bush market has finally been submitted to Hammersmith & Fulham Council.
The scheme by Yoo Capital, a property investment firm includes the existing market area and the adjacent Old Laundry Yard site.
The company says that its proposals include the equivalent of £5.4 million in financial support for traders as well as a pledge not to increase rents until at least 2031.
The submission of the application comes after two years of consultation. The proposals include more retail space for traders, new public areas with landscaping, co-working spaces, a life science incubator and blocks of flats..
The designs are by architecture practice AHMM (Allford Hall Monaghan Morris) and include new entrances which aim to improve the flow through the markets, an upgraded canopy with inbuilt lighting to support the traders year round.
Traders will not be charged rent and service charges during the construction and a minimum of £7,500 will be provided for lost revenues for those choosing to continue to trade with up to £3,000 per month for traders wishing to take a sabbatical during construction; and £10,000 to invest in upgrades to their units or a move to a new unit within the market.
A Market Incubator programme is already in place to provide free business and skills training for existing traders and locals with 100 traders and local residents already involved in the programme.
The market with commercial building from Goldhawk Road entrance. Picture: Yoo Capital
The future plans for the Old Laundry Yard site are expected to accommodate approximately 1,780 jobs within the designed workspace building and a life science incubator will deliver the largest of its kind in London. Imperial College London, who are based in nearby White City will operate the space to drive start-ups and SMEs in science, technology and engineering. The wider proposal features 40 housing units, which will be transferred to the council to own and manage following completion.
The building from Old Laundry Yard. Picture: Yoo Capital
Lloyd Lee, Managing Partner, Yoo Capital, said, “Shepherd’s Bush Market, which is steeped in history and heritage, is an important part of the fabric of the local community, but investment is needed to ensure its continued success.
“Our proposals preserve the area’s rich sense of culture and identity, while revitalising the infrastructure and buildings in a way that can attract more footfall and support local traders to grow their businesses. From day one of development, we will stand side by side with local traders and provide generous support to ensure the market remains the thriving heart of the local community.”
The building seen from Lime Grove and Pennard Road. Picture: Yoo Capital
Representatives of The Shepherd's Bush Market Tenants Association (SBMTA), said, “Collectively we are pleased that plans for the proposed development of our 100 year old market have finally been submitted to London Borough Hammersmith & Fulham.
“After the market was sold by TFL in 2011 the traders in the market experienced some challenging and testing times not least with footfall continuing to deteriorate and we see this proposed development as the way forward for our members.
“Since Yoo Capital became the owners of our market in 2020 they have shown strong support to the traders both financially and practically and continue to work with us on a daily basis. The SBMTA trust this collaboration will continue throughout the development and beyond, resulting in a new, thriving and vibrant market, supporting our members and their businesses for another 100 years.”
John Anderson, Chief Investment Officer at Imperial College London, said, “White City is a hub for innovation, and we are pleased to be working with Yoo Capital on the plans to open a life sciences incubator space as part of the revitalisation of Shepherd’s Bush Market. Demand for purpose-built labs is essential to driving growth within the sector and the new space will support start-ups and SME’s emerging from Imperial College London, LBHF and across London.”
You can see full details of the plans here.
Like Reading Articles Like This? Help Us Produce More This site remains committed to providing local community news and public interest journalism. Articles such as the one above are integral to what we do. We aim to feature as much as possible on local societies, charities based in the area, fundraising efforts by residents, community-based initiatives and even helping people find missing pets. We've always done that and won't be changing, in fact we'd like to do more. However, the readership that these stories generates is often below that needed to cover the cost of producing them. Our financial resources are limited and the local media environment is intensely competitive so there is a constraint on what we can do. We are therefore asking our readers to consider offering financial support to these efforts. Any money given will help support community and public interest news and the expansion of our coverage in this area. A suggested monthly payment is £8 but we would be grateful for any amount for instance if you think this site offers the equivalent value of a subscription to a daily printed newspaper you may wish to consider £20 per month. If neither of these amounts is suitable for you then contact info@neighbournet.com and we can set up an alternative. All payments are made through a secure web site. One-off donations are also appreciated. Choose The Amount You Wish To Contribute. If you do support us in this way we'd be interested to hear what kind of articles you would like to see more of on the site – send your suggestions to the editor. For businesses we offer the chance to be a corporate sponsor of community content on the site. For £30 plus VAT per month you will be the designated sponsor of at least one article a month with your logo appearing if supplied. If there is a specific community group or initiative you'd like to support we can make sure your sponsorship is featured on related content for a one off payment of £50 plus VAT. All payments are made through a secure web site. |