Old Oak and Park Royal Development Corporation (OPDC)

Meeting: 
MQT on 2017-12-14
Session date: 
December 14, 2017
Reference: 
2017/4940
Question By: 
Caroline Pidgeon
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor

Question

What is the estimated cost of the land owned by the Department for Transport on the OPDC site, if it were to be sold on commercial terms?

Answer

Answer for Old Oak and Park Royal Development Corporation (OPDC)

Answer for Old Oak and Park Royal Development Corporation (OPDC)

Answered By: 
The Mayor

The public-sector land that is subject to the Memorandum of Understanding (MoU) between the Department for Transport and OPDC covers approximately 90 hectares (225 acres), representing about 70% of the developable area at Old Oak.

Valuation of this land will be a complex task as it includes a combination of operational assets, non-operational assets, land that will be acquired either temporarily or permanently for the construction of High Speed 2 and some land that needs to be retained for operational rail purposes.  For this reason, OPDC and Network Rail (which owns the bulk of the land) are shortly due to jointly instruct valuation experts to assess the values of key sites in order to support ongoing discussions about the implementation of the MoU.

It is not, therefore, possible to provide any meaningful estimate of value at this stage.