The Bond Street area of London is set to undergo a major £20m redesign within the next four years, which will change the flow of traffic and increase pedestrian space by 50%.
New West End Company’s Bond Street Development Group is working with Westminster City Council and Transport for London on the plan, which will be the area’s first overhaul in over 30 years.
Pavements will be widened and the carriageway on New Bond Street reduced from three lanes to two, increasing the pedestrian space. A two-way traffic scheme will also be introduced on New Bond Street and Brook Street, improving access for cars and taxis and to the new Crossrail station at Hanover Square.
Other proposals include using underground spaces for waste disposal and cycle parking, introducing more on-street parking for private cars, new lighting and signage, and the inclusion of public art installations.
It is hoped the improvements will be completed in time for the opening of Crossrail in 2018.
Beverley Aspinall, managing director of Bond Street, part of New West End Company, said: “Bond Street is one of the strongest luxury destinations in the world. This is demonstrated through an ever-increasing demand from luxury powerhouse brands to locate here.
“Our plan will deliver significant commercial return as seen in other areas of London that have undergone similar remodelling and investment over the last decade.”
Mark Fenwick, chairman of Fenwick and deputy chairman of New West End Company’s Bond Street Development Group, added: “Fenwick has been on the corner of Bond Street and Brook Street for over a hundred years and has experienced first-hand the unique complexities of the multiple property ownership on the street.
“Our improvement plan is a significant milestone towards making this street a phenomenal world-leading luxury destination.”