• Old Oak & Park Royal Regeneration & Funding Advice

    We advised Old Oak & Park Royal Development Corporation on funding and delivery strategies for directing investment into the regeneration of London’s largest industrial area

    Project overview

    The OPDC development area spans the boroughs of Hammersmith & Fulham, Brent and Ealing and is responsible for regenerating 950 hectares around Old Oak Common and the industrial Park Royal site. The project will bring 24,000 homes, 55,000 jobs, and a new HS2 station. Within Park Royal is a substantial element of the site. Covering around 500 hectares, it is London’s largest areas of designated Strategic Industrial Land (SIL). Its economy comprises over 35,000 jobs spread across around 2,000 businesses and contributes circa £2 billion economic output (GVA) per annum.

    PRD has been involved in several studies and strategies for this area:

    • We produced the What Works: Park Royal study to develop clear plans for industrial regeneration in Park Royal. The study advises how the economy can grow and evolve in response to Covid-19 and nearby non-industrial regeneration, with an explicit focus on providing new affordable workspace.
    • We built a bespoke Industrial Funding Strategy to support the OPDC’s ambitions for industrial growth in Park Royal and Old Oak North, along with partners Newbridge Advisors and Gerald Eve. The IFS identifies spaces requiring investment and intensification, investment gaps, funding sources to meet needs/fill the gaps, and how OPDC and its partners can access the funding sources. Our team consulted with cross-sector stakeholders (including the core investor, developer and occupier market) to inform the strategy, which will directly drive how OPDC delivers regeneration.
    • We developed a Socioeconomic Funding Strategy with Regeneris Consulting to identify sources such as the Apprenticeships Levy, domestic and European funding, business rate retention, and private investment that can be used for local social and economic initiatives.
    • PRD team members have also worked on the OPDC’s Future Sectors Study, Food Sector Study, Regeneration Funding Study, and the Park Royal Intensification Study.

    Project details

    • Client
      Old Oak & Park Royal Development Corporation
    • Project Lead
      Dan Partridge
    • Type
      Delivery Strategy, Funding & Investment Plan