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Government allocates £320m to unlock ‘at least 7,500 homes’
The government has allocated £320m to a new train station in north-west London that it says will unlock “at least 7,500 homes”.
Housing secretary James Brokenshire announced the allocation from the Housing Infrastructure Fund (HIF) to build Brent Cross West Thameslink station.
The government said that the station will be crucial in allowing homes to be built on the site.
The Housing Infrastructure Fund is a £5.5bn grant programme intended to help local authorities to build infrastructure that will enable the construction of new homes.
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Chancellor Philip Hammond revealed in his Spring Statement yesterday that he would allocate £250m from the HIF to help deliver homes at Old Oak Common near East Acton in west London.
Old Oak and Park Royal Development Corporation (OPDC) will spend the money on assembling land, as well as designing and building roads and utilities infrastructure, it said.
Mr Brokenshire said: “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.
“Together, this £570m package of investments will allow thousands of families the opportunity to realise their dreams of home ownership. It will provide up to 20,000 new homes, support new jobs and benefit from new transport infrastructure.”
According to the OPDC, the Old Oak investment will help develop homes in Old Oak North, one of six new neighbourhoods planned for the 650-acre site.
The entire Old Oak and Park Royal development is set to deliver 25,500 new homes and 65,000 new jobs and has a projected gross development value of £11.3bn.
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.”
