Old Oak developer says zones 2-3 now ‘sweet spot’ for those looking for returns

Overview Old Oak

Investor interest in the largest public masterplan since the Olympic Games – Old Oak in west London – has grown in recent months, the boss of the development company behind the scheme has said.

Victoria Hills, chief executive of Old Oak and Park Royal Development Corporation (OPDC), told Building that transport zones 2-3 - outside the heart of the capital - were now “the sweet spot” for investors looking for returns.

Hills said: “We’ve seen a significant increase in the level of investors looking for opportunities outside of zone 1 […] The market is now right to help us deliver.”

Old Oak is a 650ha site north-west of Paddington set to be transformed by the arrival of both HS2 and Crossrail at a proposed Terry Farrell-designed hub station.

It will be developed out over the next 10 years, with the potential to deliver at least 24,000 homes.

Earlier this month the OPDC shortlisted seven design teams for the overall masterplanning role, led by Aecom, Allies & Morrison, Arup, Farrells and Heatherwick Studio, Grimshaw, Hawkins Brown and a pairing of Karakusevic Carson Architects and 5th Studio.