London’s Marble Arch has created a new business improvement district (BID) which will see £2.5m invested in the area over the next five years.
The BID covers Marble Arch and northern Park Lane, through Connaught Village and Seymour Place, as well as Edgware Road and up to the Marylebone Flyover, and will start on April 1.
More than 78% of businesses voted in favour of the BID, which will include improving the public realm, reducing antisocial behaviour and introducing new visitor and business services. Initiatives include a local loyalty scheme for retailers and restaurants in the area, as well as introducing benchmarking footfall services.
“Whilst the streets combine to create a wonderful area to live, work and visit, the arterial status of Edgware Road has left it struggling to keep up with the pace of change and quality of public realm improvements seen elsewhere in the West End,” said Kay Buxton, executive director of the Marble Arch BID. “The BID will make significant improvements to future-proof the whole area.”
In December, the New West End Company’s ballot to create a property owner business improvement district (BID) in London, which will raise £15.9m for investment in the area around Oxford Circus, was approved.
The new BID is now managed by the New West End Company, which retailers in 25 streets including Oxford, Regent and Bond Street, and it runs in parallel to the West End’s existing occupier BID, which generates £25m.