The former car park forms the third phase of the First Central development in Lakeside Drive.
The cleared site was purchased for more than £40m and also comes with outline consent for 60,000 sq m of office space and will contain 800 apartments.
The site was formerly part of the Guinness factory and previous residential phases have been completed by Bellway, Redrow and Catalyst HA.
The Old Oak and Park Royal Development Corporation (OPDC) Planning Committee has produced a planning brief for a residentially-led mixed-use scheme.
The Fairview/L&Q joint venture has retained architects, Allies and Morrison, to design a scheme in excess of 800 apartments with commercial space on the ground floor.
Fairview Land Director Richard Paterson said: “We are delighted to be working with L&Q in a 50/50 joint venture for the first time and we welcome more joint projects of this type.
“This location is already ‘tried-and-tested’ with the success of an earlier phase and its proximity to Park Royal underground station on the Piccadilly Line and Hanger Lane on the Central Lane, not to mention direct access by road to the A40 Western Avenue and the A406 North Circular.”
Jerome Geoghegan, Group Director of Development and Sales at L&Q said: “We are pleased to be able to collaborate with Fairview on this exciting new development at Park Royal and we are confident we will be able to bring our extensive experience to help deliver this important site. L&Q are one of the leading residential developers in London and the South East, building high quality homes for people across a range of incomes.
“We have ambitious plans develop a pipeline of new homes over the next decade and partnership is at the core of our approach – working together to deliver communities that make the capital an even better place to live”.
Victoria Hills, Chief Executive of the Old Oak and Park Royal Development Corporation, said: “OPDC is delighted that Fairview have joined forces with L&Q First Central to help drive forward delivery of hundreds of new homes in the area and we look forward to receiving the planning application in due course.”