The Mayor of London has agreed a £10m loan to the Old Oak and Park Royal Development Corporation, to help them begin work while they are waiting for their £250 Housing Infrastructure Fund grant to be finalised.
The HIF money has been approved in principle, subject to a number of conditions including the adoption of a Local Plan.
Old Oak and Park Royal is one of London’s largest Opportunity Areas with a new High Speed 2 (HS2) and Elizabeth line (formerly Crossrail) station due to be constructed at Old Oak by 2026. Redevelopment of the area has the potential to deliver 24,000 new homes and 55,000 jobs in Old Oak, as well as 1,500 new homes and 10,000 jobs on the adjoining Park Royal industrial estate.
A spokesperson for the Mayor of London said: “The Mayor is working closely with the Old Oak and Park Royal Development Corporation to develop this complex site that requires careful planning and investment. He has agreed up to £10m interim grant funding to help begin delivering infrastructure and support the work required to secure the Government’s Housing Infrastructure Fund (HIF) allocation of £250m. It is anticipated that this funding will be recovered from the HIF once it is contracted.”