The New West End Company says cash raised by its formal adoption as a business improvement district next year will boost the ongoing rejuvenation of London’s top shopping streets.
The group, which oversees the management and promotion of Oxford Street, Bond Street and Regent Street, W1, said its BID status would double the funding it gets from retailers to £50m.
Over the next five years the group is keen to see spending in the area rise by 25% to £10bn pa. It hopes to achieve this by spending £300m on upgrades, major refurbishments and traffic-free weekends on Oxford and Regent streets.
NWEC chief executive Richard Dickinson said: “Becoming a BID will bring in an extra £25m from retailers, which will give us an opportunity to do our work in a quicker time frame.”
He said that priorities included an £8m redevelopment of Bond Street, more public spaces, including “pocket plazas”, and the re-invigoration of the east end of Oxford Street, where Dickinson expects zone A rents to reach £500 per sq ft within the next six years. Zone A rents in the region are currently £220-£250 per sq ft.
emily.wright@estatesgazette.com
