The New West End Company has unveiled a plan to create a property owner business improvement district (BID) in London, which will raise £15.9m for investment in the area around Oxford Circus.
If successful it will be the UK’s largest ever property owner BID and will run in parallel to the West End’s existing occupier BID, which generates £25m.
It will represent West End landlords across 25 West End streets in policy discussions at a local, national and international level.
The overall aim of the project is to increase the area’s property values, create a more attractive location for occupiers and improve the environment for those who invest, work, live in or visit the West End.
It follows the introduction of the Business Improvement District (Property Owners) (England) Regulations in 2014.
Jace Tyrrell, New West End Company’s deputy chief executive, said: “Property owners are an essential component of a successful West End, so it is high time that their interests are better represented in the debates over the future of one of the UK’s most powerful economic powerhouses.
“New West End Company’s aim is to create a unified approach to deliver tangible results for the property industry in the largest and most dynamic retail destination in the world at a time when projects like Crossrail will drive great transition.”
Sue West, operations director at Selfridges, supports the move: “It is important as a business community that we work together to strengthen our appeal to both the domestic and global shopper, ensuring London’s West End maintains its reputation, as a world retail destination.”
If property owners back the move, the new BID will come into effect on January 1 2016, beginning a term of up to five years.