Grosvenor is to invest more than £1bn in its West End estate in London as part of a 10-year strategy that will, it says, increase the landed estate’s contribution to the UK economy by up to 30%.
The company intends to boost capacity through improved office and retail space and the creation of better and greener public realm across the estate to help tackle pressures facing the capital.
Grosvenor last week said it would develop 65,000 sq ft of office space above Bond Street’s new Crossrail station, which is predicted to deliver at least 20m more visitors to the West End by 2020.
The new train line is also forecast to increase turnover in the West End to £13bn by 2021, according to the New West End Company.
Craig McWilliam, chief executive at Grosvenor Britain and Ireland, said: “The West End is a major contributor to the economic health of the UK.
“However, it faces fierce international and domestic competition and we cannot be complacent about its continued prestige, popularity or productivity.
“Our estate has huge potential to work harder and contribute more to the capital. We will achieve this by increasing retail and office capacity on our estate and delivering change that makes it more active, open and enticing for visitors, residents and businesses.”
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