Stronger Together – Boosting the Value of London’s Retail Heartland
New West End Company has won its ballot to become one of the first UK Property Owner Business Improvement Districts (BIDs). With a resounding YES vote of 96%, it is set to go from strength-to-strength after this historic vote by the district’s property owners to join forces with retailers to create the UK’s largest retail-led BID. The overall goal for the project is to increase the area’s property values, create a more attractive location for occupiers, and improve the urban environment for those who invest, work, live or visit the West End.
New West End Company has launched a £16m five-year plan to create the UK’s largest Property Owner Business Improvement District (PO BID).
Our new Property Owner BID will complement our existing occupier BID and formally represent West End landlords across local, national and international issues – shaping policy decisions, securing greater funding, increasing commercial returns and encouraging new business investment
in Bond Street, Oxford Street and Regent Street.
Property owners were critical in the early development of BIDs and specifically New West End Company. Despite no formal mechanism for investing into BIDs they have played a pivotal role in the development
of the organisation through contributing over £10m on a voluntary
basis and providing valuable expertise.
Primary legislation enabling the introduction of a Property Owner BID (PO BID) was introduced within the Business Rates Supplement Act, 2009. The Regulations to establish a property led BID was passed in December 2014.
CLICK HERE to read New West End Company’s Property BID business plan.
CLICK HERE to read our summary of the proposed BID arrangements.
CLICK HERE to read our summary briefing along with frequently asked questions.
Since New West End Company’s formal establishment in 2005, the vision and focus has been driven by the major West End property owners. We are inviting all owners in our area to work closely with us and support our Property BID which will represent your interests on the wider agenda, add value to investments and enhance the public realm around these assets.
New West End Company is grateful for our Property Steering Group who have driven forward the development of the proposals. This group is Chaired by David Shaw OBE, Head of Regent Street Portfolio at The Crown Estate and Chairman of the Pollen Estate. Additional representatives on the Group are from Redevco, Aviva, Portman Estate, Grosvenor, Lancer, Circle Properties, John Lewis Partnership and Exemplar who is Chairman of Westminster Property Association.
We encourage all property owners in the area to support the Property BID Ballot which will take place from 20 November to 17 December 2015 and is administered by Westminster City Council.
CLICK HERE to view the property companies in our Property BID area.
CLICK HERE to view the summary of research and consultation of the Property BID.
For more information on the proposals and the Property BID ballot process please contact:
Jace Tyrrell, Chief Executive
T: 0207 462 0680 E: firstname.lastname@example.org