Under the agreement an "early and very significant private sector investment" will be brought forward into the Old Oak Common regeneration area.
QPR's plans are part of a wider regeneration of Old Oak Common unveiled by the Mayor of London earlier this year. The football club said in a statement that it planned for the stadium to act as "the catalyst that will eventually bring about the creation of a residential and commercial area covering several hundreds of acres".
QPR chairman Tony Fernandes said that the club's current 18,000-seater stadium at Loftus Road will "always be a special place for the club" but added that the club now need more capacity.
“With no option of expanding here, we have to look elsewhere and we welcome the Mayor’s and Hammersmith & Fulham Council’s commitment to regenerate the area, which includes an option to develop a new stadium at Old Oak as a key catalyst to bring forward redevelopment, cementing our future in this part of west London," Fernandes said.
The club first revealed that it was in talks with the GLA and LBHF about a new stadium at Old Oak Common in August. It followed the Mayor's publication of the Old Oak Common Vision (46-page / 8.20MB PDF) document in June, which included the potential for a stadium.
Old Oak Common will also be home to the new High Speed 2 (HS2) hub station which is expected to begin operating in 2026.
“Regeneration only happens when the public and private sector work together," said HS2 Growth Taskforce chairman Lord Deighton. "We welcome QPR and Stadium Capital Development's commitment to the regeneration plan at Old Oak. Delivering modern transport infrastructure such as HS2 and Crossrail can be a catalyst for regeneration in London. The Government looks forward to working with key stakeholders on this.”
QPR said it hopes to secure planning permission for the stadium by early 2015 and to start development "shortly afterwards".
