A property owner’s business improvement district for London’s West End has been resoundingly approved by landlords.
The new scheme was approved by 96% of voters and will take in 25 streets including Oxford Street, Bond Street and Regent Street. The BID will be run by the New West End Company from January and see £15.9m of receipts from landlords reinvested into the area over the next five years.
The New West End Company already runs a BID in the West End for retailers, which pay an additional 1% of their business rates into a pot that is spent on improving the public realm. These will now be paired with the cash raised from the 25 landlords in the property BID.
Jace Tyrrell, chief executive of New West End Company, said: “Today marks a major step forward for our businesses and a £16m boost for the largest and most dynamic retail destination in the world. Property owners and retailers are now part of an organisation committed to driving forward the commercial success of the West End’s retail district.
“We will continue to work with our partners Westminster City Council, Transport for London and the mayor of London in delivering tangible improvements to our key shopping streets and pressing the case for policies that lock-in economic success and growth for the long-term.”
