The Mayor of London, Sadiq Khan, has approved plans to boost the number of affordable homes in the major housing development at the Old Oak regeneration site in West London.
The Oaklands development, which will include over 600 new homes, will also include a nursery, health centre and commercial spaces.
With the arrival of Crossrail and HS2, Old Oak and Park Royal could soon create 25,500 homes and 65,000 jobs over the next 30 to 40 years.
The Mayor’s target of 50% affordable housing has been agreed for the development in Park Royal, which will be facilitated through greater investment and a profit-sharing mechanism.
Sadiq Khan, said: “The development marks a significant step in realising the huge potential of this part of the capital.”
Mr Khan adds: “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,” the Mayor continues, explaining that “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.”
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.”
QPR co-chairman Tony Fernandes said: “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.“
Of the 242 affordable homes, half will be for social and affordable rent, with the other half being for shared ownership.
The application was approved by the Old Oak and Park Royal Development Corporation, the organisation that has planning control over the Old Oak regeneration site, on July 13, 2016.
The project will also include a new link road into Old Oak which could unlock further development north of the Grand Union Canal.