The Old Oak and Park Royal Development Corporation (OPDC) has been given £250M to develop infrastructure at the West London site.
The investment, from the government’s Housing Infrastructure Fund (HIF), will be put towards development of roads and utilities at the Old Oak North site, close to the transport hub which will connect High Speed 2 (HS2) and Crossrail.
Old Oak North is the first of six plots planned housing development on the 650ha site.
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.
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.”
Last month second-hand car dealer Cargiant called for a complete halt to spending on the West London project to develop 24,000 new homes, many of which are planned to be on Cargiant’s 18ha plot.
Cargiant managing director Tony Mendes claims that the scheme is “unviable, unaffordable and undeliverable”.
In response to the £250M funding, Mendes said that Cargiant will “be bound to challenge each step of the process” to develop the land.
The car dealer is calling for a full inquiry into the spending and strategy of the Old Oak & Park Royal Development Corporation (OPDC) which was set up by the London Mayor’s office to regenerate the area. So far OPDC has spent £30M on the scheme, including almost £4M in payments to 31 different consultants.
Mendes claims were dismissed as “barely worth the paper that they are written on” by the Mayor’s Office when originally made public.
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