London businesses unveil multibillion West End regeneration plan

The business improvement district (BID)’s plan includes over 40 “potential projects [to] help the West End recover and thrive from the pandemic as a global cultural and commercial powerhouse”, HOLBA said. 

The BID has outlined five immediate-priority projects including public realm schemes such as the creation of a new Arts Quarter in the network of small streets between the National Gallery, Leicester Square and Piccadilly Circus.

HOLBA said this scheme alone would bring forward £1bn of investment in the area as “development opportunities come forward”.

The BID also proposed the transformation of Green Park “to create a world-class welcome for visitors as they arrive on Piccadilly” and envisaged turning Charing Cross Road into a “tree-lined boulevard” to accommodate the estimated 80% increase in people arriving in the area following the long-awaited completion of the Elizabeth Line.

HOLBA chief executive Ros Morgan said: “Central London is renowned for being the commercial and cultural heartland of the UK and our purpose is to protect and promote it on behalf of our members, cementing it as the greatest city in the world to live, visit, work, trade and invest.   

“We have grown not only in terms of the area we cover and businesses we represent but also in terms of our influence and ability to effect positive change. While we are a not-for-profit organisation, we operate with commercial acumen and relentlessly pursue excellent returns for our members.

“We are committed to ensuring the West End comes back from the pandemic even stronger than before.

“Part of our strategy includes bringing culture on to the streets and integrating art into the built environment, which is based on the idea that it will be more important than ever to have spaces in the West End that people want to come back to, particularly as footfall from workers and tourists picks up.”

It follows an announcement from the New West End Company (NWEC) of a collective planned £5bn capital investment into the West End over the next five years to diversify the offering. 

NWEC has said London’s premier shopping district is “set for a speedy recovery” and has forecast it will turnover £8.6bn within the next 12 months. 

A report commissioned by NWEC, by property consultancy firm Colliers, said the area will recover to its historic annual turnover of £10bn by 2024 and will supersede pre-pandemic levels by a further £1.4bn by 2025.

In 2021, sales in the West End were up 30% on 2020 figures. However, the NWEC said that was less than half pre-pandemic levels. 

A lack of overseas shoppers continues to hamper the recovery of areas such as Regent Street, Bond Street and Mayfair. The NWEC has called on the government to offer “more support to help entice overseas holidaymakers to the UK”. 

“Top of the asks is a simplification of the UK’s visitor visa system and a reconsideration of the abolition of tax-free shopping,” it said.

It also called for an extension to Sunday trading hours, as part of its plans to revamp the district. 

Boss Jace Tyrrell said: “Nearly two years on from the start of the pandemic and the road ahead for the West End looks promising with the long-anticipated opening of the £19bn Elizabeth Line set to turbocharge our recovery. 

“While it is heartening to see domestic customers filling our high streets with optimism once again and travel restrictions gradually disappearing, we can speed up the nation’s recovery greatly by incentivising high spending tourists to return to our shores.”

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