UK's largest regeneration project unlocking West London's investment potential
The £26bn Old Oak and Park Royal Development is driving strong house price and rental growth in this superbly connected district
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With Central London property prices being outside many investors' budgets, new developments in outlying districts are presenting more affordable opportunities to invest in the growing capital. None more dramatically than the Old Oak and Park Royal Development, a £26 billion masterplan transforming 1,600 acres across three London boroughs.
This 30-year vision aims to create a thriving new district in West London to rival Canary Wharf in the East. Connected to the rest of London and the UK by the second-largest transport interchange in the city, the regeneration zone will add more than 25,500 homes appealing to professionals, students and other aspiring Londoners looking for cheaper prices and closer access to nature than the inner city can offer.
Mayor of London, Sadiq Khan, explained: “Old Oak and Park Royal is one of the most important regeneration projects in London and is set to be the largest new development in the capital since the London 2012 Olympics and Paralympic Games.”
Growing tenant base
London's population is expected to reach 11 million by 2050, and most of this expansion can only take place in the comparatively undeveloped West. During that time, the population of Old Oak and Park Royal is set to rise from 4,000 to more than 60,000 as the new community becomes established, with around 65,000 jobs being created around the new station areas.
Currently the UK's leading manufacturing and logistics district, Park Royal has enjoyed strong economic growth over the past five years, the number of local businesses here increasing by almost a quarter. This rapid development is attracting a growing population of affluent achievers and rising prosperity households, as well as students for its proximity to education institutions such as the new £3 billion campus of Imperial College London at nearby White City.
Transport 'super hub'
The new £1.3 billion interchange at Old Oak Common will be the only station in the country where both of the UK's high-speed rail networks meet – the Crossrail Elizabeth Line and HS2. Scheduled to open in 2026, the interchange will serve around a quarter of a million passengers daily. Crossrail will connect commuters to 41 stations in London and South East England, while HS2 trains travel to Birmingham and other major cities at speeds up to 250mph.
The local community will also be served by two new Overground stations at Hanger Lane and Park Royal and has easy access to the North Circular (A406) for convenient travel to Central London and Heathrow Airport in less than 30 minutes. Nearby areas of interest include media and fashion hub White City, the bustling high streets of Ealing, and Chiswick, a cosmopolitan enclave of Michelin-starred restaurants and boutiques on the edge of the River Thames.
Outside of London's main urban sprawl, Old Oak and Park Royal still holds on to much of its natural beauty, with peaceful parklands, lakes and landscaped gardens offering plenty of opportunities to unwind or spend time with the family. The area is also close to iconic Wembley Stadium, which hosts sporting events year-round.