Tuesday, 27 June 2023

Shepherds' Bush Market Plans - Deadline 29 June 2023

Market Proposals from Yoo Capital
Shepherd’s Bush Market is back in the news; owners Yoo Capital have applied for planning permission to redevelop the market; the chance to comment closes in two days. 

The new plans follow the failure of the last owners, Orion Capital, whose 2014 plans to develop the market were ultimately defeated back in 2016 in the Supreme Court after two years of litigation.  

The new proposals from Yoo Capital include a big office block and also affordable flats.  You can see the market plans in detail here at the official Yoo Capital site.

You can also view the plans and comment on them at the official LBHF website.  The closing date for comments is Thursday 29 June. 

Yoo Capital
Yoo Capital are a real estate investment company.  In September 2020 Yoo Capital bought a majority stake in Shepherd’s Bush Market and the land next to it, known as the Old Laundry Yard.  

Consultation
Since 2020 Yoo Capital has been consulting with residents, traders and the local community on their plans for the Market and Old Laundry Yard.  For example, they held public consultations in February of this year.  These proposals involve clearing the Old Laundry Yard site and building a large new office block and also affordable housing.

The new housing is not luxury flats for the wealthy; it is affordable housing and will be managed by our local Council.  Yoo Capital are putting up the finance to build the flats, but these be managed by LBHF. 

Proposal by Yoo Capital
View from Goldhawk Rd
According to their website, the proposals include plans to "improve the Market with a new road surface, canopy and entrance signs".  There is money for the traders: "Long-term traders will either receive brand new units or £10,000 worth of investment in their unit as part of a package of financial support that also includes:
  • Rent frozen at 2015 levels until 2031
  • No rent or service charge during Market construction and business rates reimbursed.
  • A minimum of £7500 financial support to traders open during construction, with the ability to top up if there is loss of earnings as a result of works.
  • Payments of between £1,800 and £3,000 per month for traders wishing to take a sabbatical during refurbishment works.
  • The Old Laundry Yard will provide 40 new affordable homes for Hammersmith and Fulham if approved, along with an office building that includes lab space operated by Imperial College London for small businesses and co-working space."

New Office Building
Market - as proposed
The centre piece of the proposal is a big new office building and flats which, architecturally at least, is not a thing of beauty. 

To see more details of the Yoo Hoo plans, You can download a PDF here.

Objections

Comment
You can comment on the plans at the official LBHF website.  The closing date for comments is Thursday 29 June.

If the link doesn't work, go to the LBHF planning site and enter the planning code: 2023/01093/FUL

History of Shepherd's Bush Market
Orion Plans from 2014
We have been here before.  Planning law tries to balance the desire of developers to build (and make money) with the concerns of existing traders and leaseholders to keep things the way they are.  The outcome is often gridlock and, in the case of Orion's 2014 plans, eventual failure. 

To refresh your memory of the long, sorry saga of the redevelopment of Shepherd's Bush Market, and why it ultimately failed in 2016, follow the links below:

2023
2016
2014

The Shepherd's Bush Blog offers a personal view on life in Shepherd's Bush. If you would like to contribute a story about our neighbourhood, email us at shepherdsbushblog(at)gmail.com.


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