Council to agree deal with Yoo Capital for Shepherd’s Bush Market homes

Hammersmith & Fulham Council is set to approve a development and land swap agreement with Yoo Capital in relation to the development of 40 affordable homes adjacent to Shepherd’s Bush Market, W12. The homes, located on the Old Laundry Yard site, will be owned and managed by Hammersmith & Fulham Council. Under the agreement, Yoo Capital will build the homes on behalf of the council in exchange for rights at Old Laundry Yard that will enable broader redevelopment. The proposed six-storey scheme comprises 60% of the homes being let at London Affordable Rent, while 40% will be council shared ownership. Of the 40 new homes, 10% will be one-bedroom homes for two people, 50% will be two-bedroom homes for three people, 32.5% will be two-bedroom homes for four people and 7.5% will be three-bedroom homes for five people. Four of the homes will be wheelchair accessible. Yoo Capital received planning permission from the council for the redevelopment of Shepherd’s Bush Market and Old Laundry Yard, including 400,000 sq ft of new space and a nine-storey commercial building, in December 2023. Council documents state that, according to the terms of the development and land swap agreement, Yoo Capital “will build the 40 affordable homes to the council specification in lieu of a land receipt; therefore there will be no call on the council for a capital investment or the need to develop market sale homes to cross-subsidise the affordable homes”. The development and land swap agreement is to be discussed at a cabinet meeting on 13 May.