Genesis Housing Association and Queen Park Rangers have been given the go-ahead for a £175m mixed-use regeneration at Old Oak and Park Royal.
The move is part of QPR’s wider ambition to build a new stadium in the area, having originally been interested in building a venue on land owned by car dealership Cargiant.
Genesis and QPR have agreed to work together to deliver this first development at Old Oak, with Genesis controlling the site.
QPR co-chairman Tony Fernandes said: “This is the start of long-term strategic investment for QPR at Old Oak and demonstrates our commitment to the area.
“While 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.”
The Genesis / QPR project will include 605 homes and a new road link from Old Oak Common Lane into the site.
Genesis chief executive Neil Hadden said: “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.”