Shepherd’s Bush Market is a historic and much-loved part of its community. It has a unique character among London’s markets and is known for its tradition, diversity and character.
In September 2020 Yoo Capital, a real estate investment company, became the majority owners of Shepherd’s Bush Market and the land next to it, known as the Old Laundry Yard. Over the last two years, Yoo Capital has been getting to know the Market and its traders. In that time, Yoo Capital has supported traders through the pandemic by writing off over 10 months’ rent, invested £750,000 in the Market and worked with traders on ideas for longer-term investment.
Over the last year, Yoo Capital has consulted with residents, traders and the local community on a masterplan for the wider site that includes the Market and Old Laundry Yard. The Market and it’s traders will remain and the Market will be improved with a new road surface, canopy and entrance signs. 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:
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.
An application has been submitted to the London Borough of Hammersmith and Fulham and will be available online in the next few days.
Yoo Capital has been working on ideas for Shepherd’s Bush Market and new buildings in the Old Laundry Yard. Public consultation on the proposals began on 15th October and the materials on display are available by clicking here.
You can give feedback here.
Consultation will continue until we submit the proposals, and we will be holding further workshops, meetings and events over the coming months. If you would like to speak to us or give us your feedback, please email email@example.com or call 07539 096459.
The Masterplan area is made up of several parcels of land and buildings, of which Yoo Capital has a controlling interest in 13 and 14 Market Lane and 42 and 48 Goldhawk Road. The Old Laundry Yard site is owned by the London Borough of Hammersmith and Fulham.
While the Market is included in the Masterplan area, the team at Yoo Capital are committed to investing the Market and supporting the traders. The Market will not be redeveloped, instead it will be restored and revitalised in line with the development of the wider site.
The site: Land Ownership (please see diagram)
THE MARKET TODAY
While the Market is loved by those that use it, it needs significant improvement so it can continue trading for the next 100 years. Businesses in the Market are struggling, it is difficult to bring new traders into the Market and the rent and service charge collected does not cover the cost of operating the Market, leaving a shortfall of approximately £200k a year.
Examples of physical improvements needed:
Our proposals are for investment and improvement into the Market, not the redevelopment of the Market. All traders who wish to stay and trade will be given new units or investment into their units to help them do so, as well as a wider package of financial support.
Physical improvements to the Market include:
We are proposing to build 40 new affordable homes on the Old Laundry Yard site. There will be no private housing.
If planning permission is granted, the homes will be managed by the London Borough of Hammersmith & Fulham. They have requested that 60% of the homes are provided at social/affordable rent and 40% are intermediate/shared ownership.
The affordable housing building will be six storeys tall. 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. 10% of the homes will be wheelchair accessible.
All of the homes have private outdoor space as well as shared outdoor space. 90% of the 40 homes are dual aspect, meaning they have windows on two sides.
The office building is eight storeys high, with an additional level of plant (mechanical engineering) on the roof. There will be a percentage of affordable office space in the building which will be agreed with the London Borough of Hammersmith & Fulham.
The office building has been set back at the upper levels to break up the height of the building. Through consultation, there was a preference for a white concrete or brick finish to the new building. The design team has combined the two approaches to create a façade that is made of a low carbon concrete cladding on the upper floors, with a brick finish on the lower floors.
There will be significant planting on the balconies and cills of the office building to promote biodiversity and provide screening.
The office building contains a life science incubator, operated by Imperial College London. An incubator is a workspace that businesses in their very early stages can rent. The businesses receive support in their development from the operators of the incubator. This can include access to mentors, investors or general help to become established.
Alongside the incubator, there will be a café, co-working space and commercial office space.
LIFE SCIENCES INCUBATOR
The project team is made up of some of London’s most creative and technically skilled firms
Yoo Capital is a real estate investment company that specialises in working on complex projects, with multiple stakeholders to deliver socially inclusive new places that bring together a tailored mix of people and uses.
Yoo Capital is the majority owner of Shepherd’s Bush Market and the Old Laundry Yard site, with a 75.5% share. The team have taken over the operation of the Market and will lead on the development proposals. Previous owner U+I has retained a 24.5% share.
Yoo Capital’s approach is collaborative and transparent. The team works with communities to consult them on proposals, build trust and deliver new places that everyone can feel a part of.
Team: Lloyd Lee, Andrew Thorpe, Chris Ray, Louise Page-Jennings, Igor Mathias
Allford Hall Monaghan Morris (AHMM) is an award-winning architectural firm that creates buildings that are satisfying and enjoyable to use, beautiful to look at and easy to understand. The team at AHMM will be drawing on 30 years’ of experience building mixed-use projects around the world to design the commercial and residential building on the site adjacent to Shepherd’s Bush Market.
REimagine is the experienced team managing Shepherd’s Bush Market. They deal with day-to-day operational matters and work with traders to advise the design team on ideas for the Market. REimagine also runs the Market Academy, providing free training and workshops for traders and people with new business ideas.
Gerald Eve is a planning consultancy. The team ensures that the proposals are in line with national and local planning policy.
LDA is the landscape design firm for the project. They design all outside spaces, ensuring improved biodiversity, sustainability and wellbeing.
Chapman BDSP advises on sustainability and ensures that the project meets all standards and goes beyond where possible.
Momentum is a transport consultancy specialises in complex regeneration projects. Momentum will be advising the project team on all aspects of transport and delivery and service strategies.