The West End Partnership has drawn up a 15-year vision to attract £15bn in development value to the district.
With £500m earmarked for improvements, the project seeks to “secure the area’s future as the powerhouse that drives the London and United Kingdom economies”.
Some 50 projects have been identified in the delivery plan, including a £40m overhaul of Oxford Street West by reducing traffic, improving public realm and improving the scale and design of retail space.
The West End Partnership was established after the 2013 West End Commission, which called for the area to present itself with a single voice.
Other improvements include more housing, a two-way system in the Baker Street and Tottenham Court Road areas, additional co-working and business incubation spaces and new green spaces in the area.
Among the new workspaces will be premises at Somerset House, WC2, and at Marylebone flyover and Underpass.
Westminster city council leader Philippa Roe said: “The unique mix of urban neighbourhoods, businesses, cultural attractions, leisure and hospitality, and cutting-edge, internationally recognised commercial firms makes the area uniquely challenging to support. But it is this diversity that makes it so special, a home for new and established communities, a magnet for millions of visitors and hundreds of thousands of jobs.
“In the face of growing and intense international competition and constrained public finances, the West End needs a strong vision and voice to secure its growing success, so that everyone can benefit as we increase prosperity and create more jobs for Londoners.”
Grosvenor Britain & Ireland chief executive Peter Vernon said: “The West End is a national asset with global standing and enormous potential for growth. London and the UK will benefit from the West End’s continued success. With sufficient ambition and action, we can achieve growth while enhancing the West End’s unique character.”
