The Old Oak and Park Royal Development Corporation (OPDC) has given the go ahead for the schemes first planning application, which will see 605 new homes built in Hammersmith & Fulham. Around 40% of the new housing at Old Oak Common Lane will be made 'affordable'.
The scheme will be built by Genesis Housing and QPR Football Club, which is also looking into the possibility of building a new stadium as part of the multimillion-pound development programme.
The Mayor of London is due to consider the proposals for final approval and work is set to begin this financial year.
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Tony Fernandes, QPR Co-Chairman, said: "This is the start of long term strategic investment for QPR at Old Oak and demonstrates our commitment to the area.
"Whilst our primary interest is securing the future of the club through the construction of a new stadium, we will only be able to deliver this by taking equity interests in wider regeneration projects such as Oaklands.
"We are continuing to talk to the OPDC about our vision for a new stadium which will have sporting, educational and community facilities that will be used all year round."
Neil Hadden, Chief Executive at Genesis, added: "We are delighted to be part of the redevelopment of Old Oak, one of Hammersmith and Fulham's most important regeneration sites at which so many new homes will be built, of which 240 will be affordable.
"We are committed to the future regeneration of Old Oak and partnerships such as the one we have with QPR will enable us to invest, not only in building new homes, but in developing new communities."
The scheme is due to be completed in 2019.
(LM/MH)
