Olympia London owners to inject £5.4m into Shepherds Bush Market
The private real estate firm behind Olympia London has submitted plans to inject £5.4m into Shepherds Bush Market and the Old Laundry Yard as it looks to create a life science incubator as well as affordable homes within the region.
Yoo Capital, which has invested £2.5bn into central London over the past decade, said a revamp is “needed” to ensure the success of the market – as it outlined plans to create a life sciences incubator within the Old Laundry Yard which will be led by Imperial College London.
The wider proposal features 40 new high quality and affordable homes, which have been designed in conjunction with the London Borough of Hammersmith and Fulham and will be transferred to the council to own and manage following completion.
“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,” Lloyd Lee, managing partner at Yoo Capital, said.
He added: “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.”
Yoo Capital, which acquired the market from TFL in 2020, has also led the regeneration of the former Saville Theatre on Shaftesbury Avenue – a listed building that once hosted live performances by the Rolling Stones, and is working with community stakeholders to return it to a live performance venue.
Representatives of the Shepherd’s Bush Market Tenants Association (SBMTA), said: “Collectively we are pleased that plans for the proposed development of our 100 year old market have finally been submitted to London Borough of Hammersmith and Fulham.
“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.”