The plan for Queens Park Rangers’ new stadium has moved a step closer after plans were approved for the £175 million Old Oak regeneration project in West London.

The Old Oak & Park Royal Development Corporation (OPDC) approved the plans put forward by QPR and the Genesis Housing Association, in the OPDC’s first major planning application.

The mixed use regeneration scheme will cost £175 million and include 605 new homes in what is being described as a “new creative neighbourhood” that will hope to attract technology firms to relocate there.

The scheme will also open up regeneration of the wider area as it will provide a link road into Old Oak, where 65,000 new jobs and 25,500 new homes could be created at Park Royal and Old Oak over the next 30-40 year period, as well as being a transport interchange for HS2 and Crossrail.

The Oaklands site is situated south of the Grand Union Canal on the western part of the Old Oak regeneration area and is currently a vacant site which has been unoccupied for the last 10 years having formerly been used as a hostel and offices.

QPR and Genesis are working together as the football club has strategic land interests in the Old Oak site and would like to build a new stadium as part of a wider development, while Genesis controls the Oaklands site.

The proposed project will now be sent to the London Mayor for final review, while work is set to commence before March 2017 and is estimated to take three years to complete.

Tony Fernandes, QPR Chairman, said that the project is just the beginning of a long term strategic investment for QPR at Old Oak and shows the club’s commitment to the area.

He added: “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.”