The Department for Communities and Local Government and Secretary of State issued a statement on Friday 10th October 2014, which confirmed the Compulsory Purchase Order related to Orion's Shepherds Bush Market Development had been granted.
In response to the decision, Planning Minister Brandon Lewis said: "Shepherd's Bush Market has been part of west London's street life for almost 100 years - we want to ensure this landmark feature survives for 100 more."
"It has the potential to bring substantial economic, retail and social benefits to the area with a regeneration scheme safeguarding the distinctive identity of this iconic market."
"This market is held in great affection by the local community. Regeneration will enable it to continue to provide a diverse range of stalls to meet their needs as well as improving the appeal for new visitors and shoppers alike."
The regeneration project will bring more than 200 new homes to the area and also aims to rejuvenate the existing market and incorporate its long standing history into the development.
In response to the decision Richard Olsen stated: "We are extremely pleased with the decision, which paves the way for the modernisation of the Market. This will ensure it remains a vibrant centre for the area which local people can be proud of.
We've been delighted with the interest in the project and are now looking forward to getting started. We will continue to work closely with businesses, traders and the local community to ensure that the revitalisation of the Market respects its unique traditions and roots."
Source: Orion www.orionland.co.uk
Orion Shepherds Bush Limited, a joint venture between Development Securities and Orion Land & Leisure, has announced that Pramerica Real Estate Investors has signed a £44.1 million agreement to fund the first phase of regeneration at Shepherd's Bush Market.
The six-acre site in Shepherd's Bush has outline planning consent for a £150 million mixed-use regeneration project that will include a revitalised market, up to 211 residential units and over 14,000 sq. ft. of retail and leisure space.
The funding from Pramerica, acting on behalf of its investors, will finance the cost of completing the purchase from TfL of the majority of the market holding, enabling the redevelopment of the first phase of the scheme to commence. This will see the existing market refurbished to improve its infrastructure, physical environment and retail facilities.
The process of land assembly around this complex and historic site is well advanced with the acquisition of the market site from TfL representing one of the final necessary purchases. A CPO inquiry has taken place which, pending its successful conclusion in Q2 2014, will secure vacant possession of the remaining part of the site, allowing the redevelopment to commence in the Summer.
Matthew Weiner, Development Securities said: "Today's announcement is a significant milestone for the project which will enable us to progress our plans and start redevelopment later this year. Shepherd's Bush Market is an important and historic London asset and our plans for redevelopment seek to preserve and enhance its significance. This is a complex development which illustrates our core strength in creating value through real estate regeneration. We are excited by the benefits that the redevelopment will bring to this part of West London."
Richard Olsen, Chairman of Orion Land & Leisure said: "Our scheme in Shepherd's Bush is a prime example of regeneration on underutilised land in London and my partners and I are delighted to have the opportunity to be working with Pramerica Real Estate Investors. Securing the funding and taking control of the market represents a significant milestone in this complex project and underlines our commitment to delivering a scheme of outstanding quality for West London."
Andrew Moffat, Head of UK Residential, Pramerica said: "We are pleased to be supporting this quality joint venture and to provide our clients the opportunity to benefit from participating in the regeneration of Shepherd's Bush Market."
Source: Development Securities