Sir Edward Lister has announced at MIPIM that detailed negotiations are about to start around the creation of a Mayoral Development Corporation for Old Oak Common.
The plans aim to transform one of the most deprived parts of London into a thriving new district with up to 24,000 new homes and more than 55,000 jobs.
London’s Deputy Mayor for Planning announced that City Hall is about to enter detailed negotiations with the three local authorities – Ealing, Brent, and Hammersmith & Fulham – in order to create the MDC that will drive the comprehensive regeneration of the 195 acre semi-industrial site.
The Mayor’s office has now published draft key objectives and powers for the MDC, together with its proposed boundary. The Mayor’s team will shortly meet with Hammersmith & Fulham, Brent and Ealing councils in order to agree these details so that the MDC can best maximise the enormous benefits that are linked to the construction of a ‘super hub’ High Speed 2 (HS2) and Crossrail Station that is due to be constructed by 2026.
Research from the Mayor’s Office indicates that the regeneration scheme could be worth up to £6.2 billion for the London economy, with the potential for Old Oak 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 will lead to the creation of an entirely new city quarter for London, if we get the design and transport links right.
“By working with the three local authorities, we will be able to best maximise this once-in-lifetime opportunity to spark widespread economic and social regeneration to a part of the city that is in desperate need of major improvement. This advance planning will ensure we generate significant benefits for Londoners especially for people in the local area, which includes much needed new homes and jobs.”
The MDC will look to unlock the enormous regeneration potential of Old Oak Common in a targeted approach to emulate the success of the London Legacy Development Corporation that continues to lead the post-Olympic regeneration of Stratford and East London.
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. It would also have direct access to Europe via Eurostar, with Paris just over two hours away.
To support the development, the Mayor’s office says it is critical that improved links to the London Overground and the West Coast Main Line are made – a case that TfL is making to HS2.
Five of the nation’s airports will be linked to the high-speed rail network for the first time through the Old Oak interchange. Central London and Heathrow will be just 10 minutes away, Birmingham will be 40 minutes direct from Old Oak and Luton, Gatwick and City Airport will all be within 45 minutes.
Cllr Nicholas Botterill, leader of Hammersmith & Fulham Council, said: “HS2 has the potential to act as a catalyst to create much-needed new homes, jobs and opportunities in one of London’s poorest areas. Development in the area would transform Old Oak Common, bringing thousands of jobs and new homes, and would bring long-lasting benefits for our borough residents.”
A Brent Council spokesperson said: “Developments at Old Oak Common with Crossrail and HS2 connections presents a significant opportunity for new jobs, housing and public transport. It is unclear at present how Brent residents and businesses will benefit and the role of the MDC in mitigating negative impacts and sharing benefits. We are looking forward to detailed negotiations with the GLA in this respect. ”
Proposals to create an MDC are also subject to public consultation and approval from the London Assembly and Secretary of State. It is hoped that the MDC will be established by early summer 2015.