Work will start later this year on Old Oak’s first major scheme after the Mayor of London approved plans for Oaklands, a development just north of the future site of the Old Oak Common HS2/Crossrail interchange.
Genesis Housing Association and Queens Park Rangers Football Club (QPR) have welcomed the decision this week by the Mayor of London to approve their £175 million mixed use ‘Oaklands’ development, the first major scheme to get the go-ahead in the Old Oak regeneration area.
The Mayor of London, Sadiq Khan, approved the plans after intervening to boost the number of affordable homes in the scheme.
The Oaklands development will see 605 new homes built, together with a nursery, health centre and commercial space. While the application has 40% affordable content, a target of 50 per cent affordable housing has been agreed, following an intervention by the Mayor to boost the number of affordable homes. 40% is now the minimum that will be delivered, but that could rise through a review mechanism agreed as part of the application which would turn profits over a target level in to further affordable homes.
The Mayor of London, Sadiq Khan, said: “The development marks a significant step in realising the huge potential of this part of the capital.
“I am pleased that we have been able to increase the proportion of genuinely affordable homes as part of our ongoing efforts to fix the capital’s housing crisis.
“The scale and ambition for this development shows London is very much open for business. Despite the uncertainty caused by the UK’s vote to leave the European Union, it remains clear that developers and investors see long-term potential in our great city.”
Of the 242 affordable homes, half will be for social and affordable rent, with the other half being for shared ownership.
The application had already been approved by the Old Oak and Park Royal Development Corporation.
Work is now set to start later this year on the regeneration project that will also provide hundreds of new jobs and a link road into Old Oak, opening up the wider area to regeneration.
Ultimately, 25,500 new homes and 65,000 new jobs could be provided at Old Oak and Park Royal over the next 30-40 years – as well as being the key transport interchange for Crossrail and HS2.
Neil Hadden, Chief Executive at Genesis Housing Association, said: “We are delighted that the redevelopment at Oaklands, in one of Hammersmith and Fulham’s most important regeneration sites, has been approved. We will now be able to provide hundreds more affordable homes for Londoners on a once derelict site.
“Partnerships such as the one we have with QPR enable us to invest, not only in building new homes, but in developing new communities.”
Genesis and QPR have agreed to work together to deliver this first development at Old Oak. Genesis controls the Oaklands site. QPR has other strategic land interests in Old Oak and would like to build a new stadium as part of the wider development, providing a new home for the Club.
Tony Fernandes, co-Chairman of QPR, added: “We are delighted that the Mayor has granted planning permissions for the Oaklands development, including hundreds of affordable homes for Londoners. Along with our development partners Genesis Housing Association we look forward to creating this new neighbourhood, building a sustainable community where people can live, work and play.
“We are committed to bringing forward other development sites in Old Oak as soon as possible to create the homes that London desperately needs. All this will help us achieve our ultimate goal, which is to secure the future of the club through the construction of a new stadium with sporting, community and educational facilities.”
The Oaklands site is located on the western part of the Old Oak regeneration area, south of the Grand Union Canal. It is currently a vacant site that has been unoccupied for 10 years. It was previously used as offices and a hostel. The plans will provide over 600 new homes with a mix of shared ownership, affordable rent and social rent homes and a range of apartments to suit different needs and budgets, as well as the start of an important new link road from Old Oak Common Lane into the site.
It is hoped there will also be hundreds of new jobs in a vibrant new entrepreneurial community, with a 40,000 sq ft creative hub aimed at attracting companies from the new high tech economy.
Demolition of the existing site buildings will start later this year and construction work is expected to take three years to fully complete