Green light granted for Shepherds Bush redevelopment
The owners of Shepherds Bush market have won planning permission for a major redevelopment of the 100 year old landmark.
Yoo Capital, the private real estate firm behind Olympia London, was given the go ahead from Hammersmith & Fulham council following a committee meeting yesterday evening.
As part of the makeover, 40 affordable homes and a new commercial building with life sciences incubator for Imperial College London within the Old Laundry Yard which will be constructed.
“On behalf of the Shepherd’s Bush Market Tenants’ Association, we are very pleased that the project now has the go ahead from Hammersmith and Fulham Council,” said Peter Wheeler, chair of the Shepherd’s Bush Market Tenants’ Association.
“The traders have been in limbo for the last 15 years and the Market has been in a continuing downward spiral in footfall and trade. We’re pleased that we can now begin to plan for our future.”
Yoo Capital has pledged to inject over £5m into the iconic west-London area and said it would enact rent freezes for legacy traders set at 2015 levels until 2031 at the earliest.
The transformation has been met with pushback from locals, who feared that the development would lead to increased rent prices in the area.
Earlier this month, 20 protesters from a local community group, Protect Shepherd’s Bush Market, gathered together in opposition to the plans “after 18 months of raising concerns.”
A statement by the group, published on X, formally known as Twitter, read: “Tonight’s vote to waive through the gentrification of Shepherd’s Bush Market is a shameful decision to side with corporate greed.”
“Labour councillors asked performative questions about gentrification, trader retention and arch disrepair only to vote the application through. The Council have sided with the developer and ignored community and trader concerns for 18 months.”
“This begins an important new chapter for the traders and market stallholders who have served the community, residents, tourists and visitors for generations,” said Lloyd Lee, managing partner of Yoo Capital.
“The approved vision combines the efforts of local stakeholders, the community and ourselves, to create a long-term and successful future for all.”