The owners of Shepherds Bush Market has won planning permission for a major modernisation and redevelopment of the run down west London site.
Property company Yoo Capital, the developers behind the transformation of Olympia, got the green light in a 3-2 vote from Hammersmith & Fulham council's planning committee last night.
The scheme involves the construction of 40 new affordable homes, which will be managed by the council, a new commercial building with a life science incubator for ImperiaL College and an upgrade of the 109 year old market itself designed by architects AHMM.
Shepherd’s Bush Market, which sits next to a row of Underground railway arches, was sold by TfL in 2011. Its future has been uncertain ever since after a previous redevelopment plan collapsed amid oppositions from traders.
Yoo Capital became the majority owners of Shepherd’s Bush Market and the land next door in September 2020.
Peter Wheeler, Chair, Shepherd’s Bush Market Tenants’ Association, said: “We are very pleased that the project now has the go ahead from Hammersmith and Fulham Council. 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.”
However some traders remain strongly opposed to the plans. A previous council committee meeting to approve the scheme earlier this month had to be abandoned when 20 protestors from local community group Protect Shepherds Market disrupted the proceedings.
Today a spokesperson for Protect Shepherd's Bush Market, who have led opposition to theplans, said "The vote to waive through the gentrification of Shepherd's Bush Market is a shameful decision to side with corporate greed. Council planning officers repeated numerous factual inaccuracies and failed to answer basic questions regarding key planning concerns.
"Labour councillors asked performativequestions 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. Tonight just 3 councillors voted to approve an application which will push out traders and destroy the market's diversity and character. We will continue to fight this application and the rampant gentrification it represents."
f listening to concerns” and that “Yoo Capital’s plans would destroy the character and diversity of our market”.
More than 30 traders have written to the council raising concerns “that Yoo Capital’s plans would mean big rent increases which would push traders out of the market”.
But Yoo Capital say they have pledged a £5.5 million package of support for traders to support them through the redevelopment. That includes rents frozen at 2015 levels until 2031; no rent or service charged during the construction phase; business rates paid for by Yoo Capital during construction; and between £7500 and £12,000 of financial support for traders staying at the market during construction.
Market management specialists REimagine to operate the market and create a new academy, providing free training to traders.
Lloyd Lee, Managing Partner, Yoo Capital, said: “We are very pleased that plans for Shepherd’s Bush Market have been approved.
“This begins an important new chapter for the traders and market stallholders who have served the community, residents, tourists and visitors for generations. The approved vision combines the efforts of local stakeholders, the community and Yoo Capital, to create a long-term and successful future for all.”
