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, has been approved.
New West End Company, which represents retailers in 25 streets including Oxford, Regent and Bond Street for the last decade, will manage the new BID from January 2016 after property owners voted by 96% in favour to establish the enhanced body.
It will run in parallel to the West End’s existing occupier BID, which generates £25m.
Jace Tyrrell, chief executive of New West End Company, said: “Property owners and retailers are now part of an organisation committed to driving forward the commercial success of the West End’s retail district. It is a privilege to be the strong and unified business voice for our area. 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.”
The mayor of London, Boris Johnson MP, said: “The West End’s retail district is not only an essential component of the London landscape, but a major contributor to the UK economy. I congratulate New West End Company on this fantastic achievement that will bring about a unified voice for retailers and property owners throughout London’s West End and champion the needs of the area to secure its future success as a world-class retail destination.”