Old Oak Awarded £250 Million to Kick-start Development
Thousands of new homes and jobs one step nearer in north of borough
Thousands of new homes, businesses and jobs for local people are now a step closer at Old Oak, after the government decided to award £250 million to kick-start the development.
Old Oak and Park Royal Development Corporation, or OPDC welcomed the investment from the government’s Housing Infrastructure Fund.
The funds will be used to assemble land, design and build vital roads and utilities infrastructure. This will allow development of homes and businesses to begin at Old Oak North, close to the new transport ‘Superhub’ where the HS2 and the Elizabeth Line will meet.
Old Oak North is the first of six new neighbourhoods planned for the 650-hectare site, which includes land in the boroughs of Hammersmith & Fulham, Ealing and Brent. When complete, it is predicted that the entire redevelopment of Old Oak and Park Royal will deliver 25,500 new homes and 65,000 new jobs.
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.
Old Oak and Park Royal Development Corporation (OPDC) is the body tasked by the Mayor with driving forward future development plans for the area. OPDC has full planning powers within the site.
The Mayor of London, Sadiq Khan, said: "Old Oak and Park Royal is one of the capital’s most important regeneration projects with the capacity to deliver tens of thousands of new, genuinely affordable homes and jobs.
"Therefore, I’m pleased that government have shown its support for our vision through this funding grant. This money will let us enter a new stage in the development of Old Oak, delivering the essential infrastructure to make the Old Oak dream a reality."
The first pieces of new infrastructure will enable the development of utilities and drainage, an energy centre and electricity switching-station and the early construction of Union Way, to be delivered by 2023. This new street will provide a through route for public transport, pedestrians and cyclists opening up space on the site that is currently inaccessible.
OPDC will use its powers as the local planning authority and delivery agent to make sure the full £250m is spent by the deadline, March 2023.
Chairman of OPDC, Liz Peace CBE, said: "Public sector funding is fundamental to meet the Mayor’s ambitious housing targets.
"Investment in infrastructure in Old Oak North makes economic sense and sends the right message to the market. The £250m injection will unlock opportunities for public and private sector collaboration, making these significant regeneration opportunities a reality and with that, bringing about significant public benefit.
"This is a new phase for OPDC; expect to see development move quickly from here on in."
March 18, 2019