A pioneering housing development that will start London’s biggest regeneration since the Olympics has been given the go ahead by Sadiq Khan.
Work on more than 600 homes in the Old Oak area of west London will start later this year after the Mayor last night approved the £175 million scheme.
The green light for the Oaklands development was secured after the proposed level of affordable housing was boosted from 33 per cent to 40 per cent, far higher than most new housing schemes in central London in recent years.
The deal also requires any “surplus profits” are ploughed back into the development to lift the level of affordable homes closer to the Mayor’s “long-term” target of 50 per cent.
Of the 242 affordable homes, half will be for social and affordable rent, with the other half for shared ownership.
The site, south of the Grand Union canal, has been derelict for 10 years.
Mr Khan said: “The development marks a significant step in realising the potential of this part of the capital.
"I am pleased 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 scheme is a joint venture between Genesis Housing Association and Queens Park Rangers football club, which is looking for a site for a 40,000-seater stadium in the area.
The club, advised by Stadium Capital Holdings, was rebuffed in its first attempt to secure a site on land owned by Cargiant — which is working up its own application for 6,500 homes on its 46-acre site.
Tony Fernandes, QPR co-chairman, said: “We are committed to bringing forward other sites in Old Oak as soon as possible to create the homes London desperately needs.
"All this will help achieve our goal, which is to secure the future of the club through the construction of a stadium with sporting, community and educational facilities.”
Neil Hadden, chief executive at Genesis Housing Association, said: “We are delighted the redevelopment at Oaklands has been approved.”
