Westminster City Council has given the go-ahead for a major renovation of the area from Trafalgar Square to Aldwych to boost the area’s commercial prospects.
The 67-street district, which is being dubbed Northbank, will require an £8m investment for the four-and-a-half year plan to get underway.
Westminster will run a ballot next month for 300 businesses in the area with a rateable value of more than £150,000 to vote on the measures. If it is approved, the project will require a 1% levy from those businesses, which is taken out of their rates.
If successful the project, which will be run by The Northbank Business Improvement District, will kick off this October.
The area is home to several retailers, including Topshop, TM Lewin, Jigsaw and H&M, which all have stores on The Strand.
Councillor Daniel Astaire, Westminster Council’s cabinet member for business said: “The Northbank area is one of our cultural heartlands containing such gems as Somerset House and the historic Savoy Hotel as well as a thriving commercial community. The prospective bid and renewal plan for the area will help to give it a new lease of life.
“These proposals for the Northbank Business Improvement District will give businesses in the area a valuable collective voice and we look forward to working with them to bring their plans to fruition.”
Northbank Business Improvement District’s executive director Ruth Duston added: “Londoners and tourists can see how dynamic and vibrant the Southbank has become since its inception. Having fallen down on its standards The Northbank now for this first time has its chance to shine. It is about injecting new life into the area and restoring it back to its glory days, and is a lynch-pin for London’s prosperous history.”