Yoo Capital lodges Shepherd’s Bush Market plans

Yoo Capital has submitted plans for a major revamp at Shepherd’s Bush Market, W12, along with proposals for new homes and life sciences space on the adjacent Old Laundry Yard site. The proposals have been filed with the London Borough of Hammersmith and Fulham. To support traders affected by the development, Yoo Capital has pledged to freeze rents until 2031 at the earliest and committed £5.4m of financial support. That includes: cancelling rent and service charges during construction; paying for business rates during the works; a minimum of £7,500 compensation for traders staying during construction; an allowance of up to £3,000 per month for those taking a sabbatical during the works; and £10,000 to invest in upgrades to their units or a move to a new space within the market. Improvements would include investment into new and existing spaces within the market, new entrances and an upgraded canopy. The Old Laundry Yard site is expected to include a life sciences incubator operated by Imperial College London, office and co-working spaces and 40 new affordable homes. The residential aspect, designed in conjunction with LBHF, will be transferred to the council to own and manage following completion. Lloyd Lee, managing partner of 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.” Representatives of the Shepherd’s Bush Market Tenants’ Association expressed relief that plans for the proposed development of the 100-year-old market have “finally” been submitted. “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,” said a spokesperson for the association. “Since Yoo Capital became the owner of our market in 2020, it has shown strong support to the traders, both financially and practically, and continues to work with us on a daily basis. The SBMTA trusts 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: “Demand for purpose-built labs is essential to driving growth within the sector, and the new space will support start-ups and SMEs emerging from Imperial College London, LBHF and across London.” Yoo Capital bought a majority stake in Shepherd’s Bush Market in 2020 from U+I, which has retained a minority share. See which agents are doing the most deals in the London submarkets with our On-Demand Rankings >> To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews Photos © Yoo Capital/AHMM, courtesy of Purple PR