The first major scheme to be decided by the Old Oak and Park Royal Development Corporation has been approved.
The Old Oak and Park Royal Development Corporation (OPDC) has approved its first major planning application, giving Genesis Housing Association and Queens Park Rangers Football Club (QPR) the go-ahead for Oaklands – a £175 million mixed use regeneration project.
The scheme will deliver 605 new homes, 40 per cent of which will be affordable, and a new creative neighbourhood which hopes to attract companies from the new high tech economy.
The project will also provide 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 committed to the future regeneration of Old Oak and partnerships such as the one we have with QPR will enable us to invest, not only in building new homes, but in developing new communities.”
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 along with the start of an important new link road from Old Oak Common Lane into the site. As neighbouring sites are developed, this road can be extended into the heart of the new Old Oak Common regeneration area.
The developers also hope that hundreds of new jobs will be created in a new entrepreneurial community, with a 40,000 sq ft creative hub aimed at attracting companies from the new high tech economy.
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: “This is the start of long term strategic investment for QPR at Old Oak and demonstrates our commitment to the area. Whilst our primary interest is securing the future of the club through the construction of a new stadium, we will only be able to deliver this by taking equity interests in wider regeneration projects such as Oaklands. We are continuing to talk to the OPDC about our vision for a new stadium which will have sporting, educational and community facilities that will be used all year round.”
The scheme will now go to the Mayor of London for final review. Work is due to start in this financial year and would be expected to take three years to fully complete.