The Mayor recently outlined proposals to transform the area into a new district with up to 24,000 new homes and more than 55,000 jobs. He has said he intends to create a new Mayoral Development Corporation (MDC) to unlock what he sees as the enormous regeneration potential of 950 hectares of industrial land at Old Oak Common and Park Royal.
The consultation, which runs until September, focusses on how the proposed MDC can best maximise the benefits that could be produced by the interchange between High Speed 2 (HS2) and Crossrail that is due to be built at Old Oak by 2026.
The consultation will ask if the Mayor should be given overall responsibility for regenerating neighbouring Park Royal.
Research from the Mayor’s Office indicates that the entire regeneration scheme could be worth up to £6.2 billion for the London economy, with the potential for Old Oak Common to supply up to 2.5 per cent of the Greater London housing requirement and almost 14 per cent of Greater London’s employment need up to 2031.
The Mayor of London, Boris Johnson said: “The arrival of Crossrail and HS2 provides a once-in-a-lifetime chance to transform Old Oak Common and Park Royal into a brand new neighbourhood for West London. ”
The proposed MDC will look to emulate the success of the London Legacy Development Corporation that is leading the post-Olympic regeneration of Stratford and East London.
The public consultation will explore the proposed boundary of the MDC area, and the potential planning powers that would be vested in the MDC.
The proposed HS2 / Crossrail station will be the same size as Waterloo, with the capacity to handle 250,000 passengers a day, and link the two largest infrastructure projects in the UK. To support the development around the station, the Mayor believes it is critical that improved links to the London Overground and the West Coast Main Line are made.
The Mayor’s Office has already entered into detailed discussions about establishing the MDC with Ealing, Brent and Hammersmith & Fulham Councils. It is hoped that the MDC will be established by April 2015.