The Old Oak and Park Royal Opportunity Area Planning Framework were released as a supplementary guide to the London Plan (2015) released by the Mayor’s office. The aim of the framework is to allow regeneration to occur in the areas, putting a proactive strategy in place. This was done after the area was earmarked as one of the most vital for the creation of new homes and jobs in the capital over the next two to three decades.
The framework is already providing benefits for the area. The most recent of these came when the Borough of Ealing granted planning permission for the regeneration of a 0.575 hectare site in North Acton. The project will see the existing buildings on the site demolished to make way for four new ones. These will include spaces for new commercial and community use as well as creating 578 homes.
The project has been praised for the incredible design of the new buildings. When work is completed the site will be home to four new buildings rising nine, eleven, thirty-two and forty-two storeys respectively. Each will be home to a mixture of one, two and three bedroom flats as well as the additional spaces mentioned above. Of the new homes 30% will be available as affordable ones.
The commercial spaces created in the new buildings could be used to create restaurants, shops and office space. It is believed that these could create anywhere up to 270 new jobs in the area.
The news is great for the area and the Borough of Ealing. It will make the area even more attractive to new buyers, whether they are planning to live in the homes they purchase or let them out. Either way the demand means good properties in fantastic locations can prove to be a wise investment. With larger regeneration work underway and new transport links planned for the future this certainly is an attractive place to buy.
At Finefair we support investors looking to secure the perfect property investment for them. We have worked in Ealing for a number of years and strive to offer a first rate, personal service to each client. If you have any questions, please contact us for advice and professional support.