The committee has resolved to grant planning permission for the scheme, subject to the completion of an agreed section 106 agreement. The proposed £150 million scheme includes new homes, commercial space, shops and market stalls, restaurants and open space.
The scheme is being developed as a joint venture between Orion Land & Leisure and Development Securities, which consulted on the regeneration plans for the market with local residents and traders at the beginning of 2011.
Using feedback from this consultation, they updated their draft proposals. The current outline proposals for the scheme include plans for 212 new homes, 65,000 square feet of new market space, 43,000 square feet of cafés and restaurants and 43,000 square feet of community space.
"We want to increase the size of the market, support existing businesses and introduce new ones. We aim to build on its strengths and make it one of the very best markets in London, with a wide range of new public facilities," said Richard Olsen, chairman of Orion Shepherds Bush Ltd. "We are committed to working throughout the life of the project with all the residents, stallholders, shopkeepers, customers and visitors to find the right solution that will make the market once again the jewel in Shepherds Bush's crown,"
Planning officers had recommended the scheme for approval and said that "the redevelopment... will make effective and efficient use of previously under-utilised and sub-standard town land and uses".
The joint venture is not under an obligation to provide any affordable housing, due to the proposal's financial viability appraisal, the Committee report said. "The wider regenerative benefits for the market and the local area are considered to take precedence, securing the future of the market and making a valid contribution to the Council’s housing stock and to meeting the local and regional housing policy targets."
