THE Old Oak and Park Royal Development Corporation (OPDC) has approved its first planning application this week, giving QPR and Genesis Housing Association the go-ahead for Oaklands - a £175 million mixed use regeneration project at the top of Old Oak Common Lane in Hammersmith & Fulham.
The scheme will deliver 605 new homes, 40 per cent of which will be affordable, and a new creative neighbourhood expected to attract companies from the new high tech economy providing hundreds of new jobs.
Genesis and QPR have agreed to work together to deliver the first major development in the regeneration area. QPR have 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, QPR Co-Chairman, told www.qpr.co.uk: “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.”
Neil Hadden, Chief Executive at Genesis Housing Association, added: "We are delighted to be part of the redevelopment of Old Oak, one of Hammersmith and Fulham's most important regeneration sites at which so many new homes will be built, of which 240 will be affordable.
"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 scheme will now go to the Mayor of London for final approval.
Work is due to start in this financial year and would be expected to take three years to fully complete.
More information is available HERE.