The ballot is open: 120 property owners in Bond Street, Oxford Street and Regent Street are being asked whether they support the creation of one of the UK’s first property owner business improvement districts.
The vehicle will allow business to influence the future direction of the area far more effectively than any individual asset holder could do alone – a unified voice calling for strategic placemaking, policy influence and advocacy, development, promotion and global marketing.
All those owners entitled to cast a vote over the creation of this BID will have received their ballot papers, and I urge them to vote in favour of our proposals.
The New West End Company, in partnership with Westminster city council and other influential organisations, has spent 10 years delivering substantive results for London’s retail heartland, funded by retailers in the area and by the voluntary contributions of many property owners that have contributed about £10m to efforts because they believe in the projects designed to make the West End a beacon across the retail landscape.
This work is needed – London’s West End is the world’s favourite retail destination, but it competes in a global market where our competitors are working tirelessly to close the gap.
I am making this call not just as chairman of the property steering group that has worked to help create the business plan that property owners are being asked to support, nor as head of the Regent Street portfolio at the Crown Estate, but as a passionate believer in the opportunity that the West End can realise – and the future it can enjoy.
If we win the ballot, the property BID will start in January. It will be a clear voice representing the evolution of retail property businesses in the West End. It will capitalise on the existing work of the New West End Company while injecting fresh investment to attract developers and engage with retailers across the world to revitalise and refine the aesthetics of our famous streets. Significant retail and property businesses across the area will have a single voice for the first time.
With even greater momentum and private-sector support behind it, from 2016 the New West End Company promises a stronger degree of co-ordination and global impact – encouraging businesses here and abroad to see the true potential of the area and drive progress forward. The creation of a property BID will be transformational, working as part of the New West End Company business. This is particularly important at a time when Crossrail will change the landscape of the West End forever.
The property owner BID is not just about having avoice in the debate. It is also about promoting the West End to retailers and investors strongly and globally, about enhancing the offer of the West End and the global retail brands at the cutting edge of the industry – those shaping the way shoppers are engaged, attracted and served across the market.
We have more than our fair share of pioneers already, but fresh ideas need to be added to the mix constantly, and this BID will work to make sure our offer is clear and persuasive.
London cannot rely on sentiment or heritage alone. Instead, we have to unite to make our case and deliver the changes we need to stay competitive, to remain aware of the threats and the challenges we face and to speak out for business.
The ballot papers have to be returned by 17 December. I am confident our plans will catch the attention of business and secure the yes vote we need. But I am taking nothing for granted.
I urge everyone with a vote not just to use it, but to use it to vote yes. All being well, by next year we could have the mandate to move forward a partnership of occupiers and owners which, working with the West End Partnership, will play a central role in the West End’s future, and its continued success.
I am excited by the possibilities we can achieve as a single voice, the opportunities we can seize by working together, and the benefits this unity will create. I hope those with a vote agree.
David Shaw is head of the Regent Street portfolio at The Crown Estate
