Yoo Capital, the real estate investment firm known for its work with cultural landmarks and communities, announces that its proposals for the regeneration of Shepherd’s Bush Market and the adjacent Old Laundry Yard site have been approved by the London Borough of Hammersmith & Fulham.
Following three years of consultation and planning with Shepherd’s Bush Market traders and the local community, Yoo Capital submitted a planning application in May 2023 for 40 new affordable homes, a new commercial building with a life sciences incubator for Imperial College London and extensive upgrades and financial aide to Shepherd’s Bush Market.
The housing for the site will be 100% affordable, with all 40 homes set to be managed by the London Borough of Hammersmith and Fulham. 90% of the homes will be family-sized units, helping to meet the specific housing needs of the Borough.
The commercial building supports Hammersmith and Fulham Council’s Industrial Strategy and complements the growth and ambition of nearby White City Innovation District. The facility could support as many as 25 start-up and scale-up businesses working on some of society’s most pressing environmental and healthcare challenges.
Shepherd’s Bush Market was sold by TfL in 2011 and since then has been subject to a decade of uncertainty, with several failed attempts at redevelopment. Yoo Capital became the majority owners of Shepherd’s Bush Market and the land next door in September 2020 and has spent the last three years personally getting to know the traders and developing proposals in collaboration, to ensure the new plans support the success of future trading and the needs of the local community.
Peter Wheeler, Chair, Shepherd’s Bush Market Tenants’ Association, said:
“On behalf of the Shepherd’s Bush Market Tenants’ Association, we are very pleased that the project now has the go ahead from Hammersmith and Fulham Council. The traders have been in limbo for the last 15 years and the Market has been in a continuing downward spiral in footfall and trade. We’re pleased that we can now begin to plan for our future.”
Through the development process, Yoo Capital has pledged £5.5m of financial support to the traders, that includes:
Rent freezes for legacy traders set at 2015 levels until 2031 at the earliest
No rent or service charge during construction
Business rates paid for by Yoo Capital during construction
Between £7500 and £12000 of financial support for traders staying at the market during construction
A monthly stipend of between £1800 and £3000 for traders taking a sabbatical during construction
Either brand new units or £10,000 to invest into existing units
New 10-year leases with the same terms and conditions as existing leases
In addition to the support for legacy traders, Yoo Capital has worked with market management specialists REimagine to operate the Market and create a new Market Academy, that provides free training to new, existing and aspiring traders to develop and nurture entrepreneurial skills and business growth. The Market Academy, which is already in progress, reinforces the focus of home-grown talent within the market and the strong sense of community.
The new plans for the Market, affordable housing and commercial building have been designed by leading architecture practice AHMM (Allford Hall Monaghan Morris) who have approached the Market thoughtfully to retain its character and allow for improved trading for years to come.
Lloyd Lee, Managing Partner, Yoo Capital, said:
“We are very pleased that plans for Shepherd’s Bush Market have been approved. This begins an important new chapter for the traders and market stallholders who have served the community, residents, tourists and visitors for generations. The approved vision combines the efforts of local stakeholders, the community and ourselves, to create a long-term and successful future for all.”
