New development body to be created to oversee thousands of new homes in West London

Ambitious plans to transform one of the most deprived parts of London into a thriving new district with up to 24,000 new homes have moved a step closer, it has been announced.

City Hall is about to enter detailed negotiations with three local authorities in order to create a Mayoral Development Corporation (MDC) that will drive the comprehensive regeneration of a 195 acre semi industrial site at Old Oak Common, West London.
 
The Mayor's office has now published draft key objectives and powers for the MDC, together with its proposed boundary. The Mayor's team will shortly meet with Hammersmith and Fulham, Brent and Ealing councils in order to agree these details so that the MDC can best maximise the enormous benefits that are linked to the construction of a super hub High Speed 2 (HS2) and Crossrail Station that is due to be constructed by 2026. 
 
Research from the Mayor's Office indicates that the regeneration scheme could be worth up to £6.2 billion for the London economy, with the potential for Old Oak to supply up to 2.5% of the Greater London housing requirement. 
 
‘The arrival of Crossrail and HS2 will lead to the creation of an entirely new city quarter for London, if we get the design and transport links right. By working with the three local authorities, we will be able to best maximise this once in a lifetime opportunity to spark widespread economic and social regeneration to a part of the city that is in desperate need of major improvement,’ said Mayor of London, Boris Johnson.

‘This advance planning will ensure we generate significant benefits for Londoners especially for people in the local area, which includes much needed new homes and jobs,’ he added.
 
The MDC will look to unlock the enormous regeneration potential of Old Oak Common in a targeted approach to emulate the success of the London Legacy Development Corporation that continues to lead the post-Olympic regeneration of Stratford and East London.
 
The proposed HS2/Crossrail station will be the same size as Waterloo, with the capacity to handle 250,000 passengers a day, and link the two largest infrastructure projects in the UK. It would also have direct access to Europe via HS1 (Eurostar), with Paris just over two hours away.
 
Councillor Nicholas Botterill, leader of Hammersmith and Fulham Council, said that HS2 has the potential to act as a catalyst to create much needed new homes, jobs and opportunities in one of London's poorest areas. ‘Development in the area would transform Old Oak Common, bringing thousands of jobs and new homes, and would bring long lasting benefits for our borough residents,’ he added.
 
Proposals to create an MDC are also subject to public consultation and approval from the London Assembly and Secretary of State. It is hoped that the MDC will be established by early summer 2015.