The Mayor of London Sadiq Khan has approved plans for the first major housing development at the Old Oak regeneration site in West London after boosting the number of affordable homes in the scheme.
The Oaklands development will create 605 homes of which at least 40 per cent or 242 homes will be affordable. A review mechanism will ensure any surplus profit from implementing the scheme would go into raising that number to up to 50 per cent.
The initial proposal from Queens Park Rangers football club and their development partner Genesis Housing Association was for 200 affordable homes, or 33 per cent of the total.
The Mayor of London, Sadiq Khan, said:
“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. 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.”
Half of the affordable housing in the scheme will be allocated for social rent and the remainder – for shared ownership. The development will also include a nursery, health centre and commercial space.
Old Oak and Park Royal can deliver about 25,500 new homes and 65,00 jobs in total in the next 30-40 years and be the key transport interchange for Crossrail and HS2.