Yoo Capital, the real estate investment firm known for transformational mixed-use developments, announces its submission of a planning application for a major investment into Shepherd’s Bush Market and the adjacent Old Laundry Yard site.
Following two years of consultation with Shepherd’s Bush Market traders and the local community, the proposals combine an upgraded shopping environment and more retail space for existing and future traders to grow, with new public realm and landscaping; co-working spaces, a life science incubator and affordable homes.
Pledging to retain the rich cultural identity of Shepherd’s Bush Market, Yoo Capital has engaged leading architecture practice AHMM (Allford Hall Monaghan Morris), to support with the new design and refurbishment plans. Thoughtful improvements include new entrances to improve the flow through the markets, an upgraded canopy with inbuilt lighting to support the traders year round and investment into new and existing units to support growth opportunities within the market.
To support traders financially and minimise the disruption to trading during planning, construction and beyond, Yoo Capital has announced a freeze on all rent increase until 2031 at the earliest and committed £5.4m in financial support. This includes: the cancellation of rent and service charge during construction; business rates paid for during construction; a minimum £7,500 compensation for those traders staying during construction; an allowance of 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. Designed with the view to support long-term trading, creativity and entrepreneurship, the programme is nurturing commercial prospects and growth across the community, with 100 traders and local residents already involved in the programme.
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 new high quality and affordable homes, which have been designed in conjunction with the London Borough of Hammersmith and Fulham and will be transferred to the council to own and manage following completion.
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.
“Investment into the Market will be made alongside the development of 40 high quality affordable homes, a new life sciences incubator in partnership with Imperial College London, and office and co-working space.”
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.”
