Yoo Capital has acquired the Holmes Road Depot and the Regis Road Recycling Centre in Kentish Town, Camden on a subject to planning basis and will deliver on the Kentish Town Planning Framework to create an innovative and sustainable mixed-use neighbourhood that has industrial, commercial and creative activity provided alongside high-quality new homes, 50% of which will be affordable, an infrastructure to support the local community.
Residents, local businesses and community groups will have the opportunity to shape plans for the area at every stage of the project and consultation will commence in the next month.
According to Creative UK, creative industries contribute approximately £115.9 billion to the economy per year and are growing at four times the rate of the UK economy. Yoo Capital believes that a Camden film quarter would build on this success and provide much needed space for the industry to grow in central London.
This acquisition is the third on behalf of Yoo Capital Fund II, the first in a series of UK real estate funds led by Yoo Capital and Astarte Capital Partners, with a particular focus on investing into the communities and economy of London.
In November 2021, Yoo Capital acquired the former Saville Theatre on Shaftesbury Avenue – a listed building that once hosted live performances by the Rolling Stones, Chuck Berry, The Who and Jimi Hendrix – and is working with key community stakeholders to return it to a live performance venue with ancillary uses.
The firm is also responsible for bringing forward the vision for Olympia; a £1.3bn investment to reinvigorate the iconic 137-year old exhibition halls into London’s newest cultural hub which includes the rejuvenation of the iconic exhibition halls, a 4,400 capacity live music venue managed by AEG Presents; the largest new permanent theatre in 40 years managed by Trafalgar; a creative arts school, in partnership with Wetherby and The BRIT School, two globally renowned hotels, 20+ restaurants and bars, 550,000 sq ft of creative offices and studios, and 2.5 acres of gardens and public realm.
Yoo Capital has invested over £2.5 billion into Central London since it was founded in 2010 by international property entrepreneur John Hitchcox and real estate veteran Lloyd Lee. The firm is committed to creating new spaces for London that support the arts, creative, hospitality and science-led industries and are sustainably minded to evolve and stand the test of time.
Lloyd Lee, Managing Partner, Yoo Capital, said: “We are looking forward to working with the London Borough of Camden and the local community to bring forward the ambitions for a Camden Film Quarter. This project will be a shot in the arm for the UK’s creative industries as we look to fuel its exponential growth by attracting the best talent in TV and film to the area. We will be spending the coming months getting to know our neighbours and beginning our work with them to co-author an exemplary masterplan vision.”
Councillor Danny Beales, Cabinet Member for New Homes, Jobs and Community Investment, said: “We know there is huge creative potential in the people who live and work in Camden. We want to unlock the Kentish Town industrial area to transform this cut-off, unwelcoming site, into one that becomes a greener, welcoming space, connecting Gospel Oak with Kentish Town. A new thriving neighbourhood, which is a beacon for creativity, providing more desperately needed affordable homes for local people, good jobs and opportunities for existing communities.
“This is going to be a development shaped with local communities and Camden and Yoo Capital are looking forward to working with residents on realising the shared community vision and getting resident’s thoughts at every stage. We see this development as a way to help combat many of the issues residents are facing in Camden.”
John Hitchcox, Chairman, Yoo Capital, said: “We are delighted to be drawing on our experience of community engagement and placemaking to bring forward another exciting scheme in Camden. We commend the Kentish Town Framework’s commitment to creating a zero emissions neighbourhood and look forward to working with local organisations to strive for the highest levels of sustainability.”