The UK’s first property owner-run business improvement district (BID) has been set up in London’s West End.
The body, which comprises Land Securities, The Crown Estate, Soho Estates, Gascoyne Holdings, Old Park Lane Management, Edwardian Group and Great Portland Estates, aims to better manage the West End areas of Leicester Square, Piccadilly Circus, Piccadilly and St James’s.
The move follows changes to government regulation earlier this month permitting property owners to establish their own BID. The new West End partnership, which will be known as Heart of London Property Owners BID, is the first owner-run BID to be set up. Its initial task will be to create a manifesto for the area that will be voted on by other property owners in 2015.
The new BID is expected to unlock around £10m of private investment in the West End, said the group.
Charles Begley, executive director of the Westminster Property Association, said: “Property owners have an acute interest in the environment, not just their physical assets, and through Heart of London Business Alliance they will be able to help drive improvements to this key part of London.”