London’s biggest regeneration project: Spring Statement reveals £250 million cash injection for Old Oak Common scheme
London’s biggest regeneration project has been handed a £250 million lifeline after it was awarded crucial funding by Chancellor Philip Hammond in yesterday’s Spring Statement.
The money from the Government’s Housing Infrastructure Fund (HIF) will allow key work on utilities, drainage, an energy centre and an access road at Old Oak Common in west London to go ahead.
This will open up land for development that will support up to 13,000 homes close to planned Elizabeth Line and HS2 stations.
The successful bid for the funds by Old Oak and Park Royal Development Corporation (OPDC), the body responsible for the £11.3 billion transformation of the area, is seen as vital in allowing significant progress to be made.
OPDC board member William Hill, said: “I think we will look back on this decision in years to come as the moment when vision and aspiration became reality in the form of an implementable regeneration project…The starting gun has now been fired on the UK’s largest regeneration scheme.”
Mayor of London Sadiq Khan, said: “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.”
In a separate award from the HIF, £320 million was allocated to Barnet council to be spent on a new Brent Cross West Thameslink station which will lead to 7,500 new homes being built.
Communities Secretary James Brokenshire said: “We are working to create homes, opportunities and thriving communities, especially in London which faces the most severe and unique housing pressures in the country.
“The HS2 station at Old Oak Common will offer a new gateway to London, while a new station in Brent Cross can be the catalyst to build thousands more much-needed homes.