INCREASE YOUR VALUES AND BOOST YOUR RETURNS

THROUGH THE ESTABLISHMENT OF A PROPERTY OWNER BID

AT THE BEATING HEART OF THE GREATEST GLOBAL CITY LIES THE WORLD’S LEADING RETAIL DESTINATION -LONDON’S WEST ENDNew West End Company champions the interests of over 600 businesses in

Bond Street, Oxford Street, Regent Street and 22 connecting streets.

2

3

The property industry of London’s West End has long been a supporter of Business Improvement Districts (BIDs). As we have greater competition locally and around the world, we must continue to work collectively to increase the value of our assets and drive the future commercial success of London’s retail and leisure heartland.

DAVID SHAW OBE

HEAD OF REGENT STREET PORTFOLIO, THE CROWN ESTATE

CHAIRMAN PROPERTY STEERING GROUP, NEW WEST END COMPANY

We are the catalysts for change and more needs to be done for the West End to compete on a global stage. New West End Company’s aims and objectives are bold. A successful property BID ballot will deliver tangible results for the property industry, in the largest and most dynamic retail destination in the world.

JACE TYRRELLDEPUTY CHIEF EXECUTIVE, NEW WEST END COMPANY

4

Why is a Property Owner BID needed?

To sustain customer interest, London’s West End must maintain its place in the global

retail hierarchy, and this, in turn, will increase the area’s property values. Landlord BIDs

are already well established in the US and have proved highly effective in encouraging

investment and improvement.

Taking London’s West End to the next level

New West End Company is seeking to establish one of the UK’s fi rst Property Owner

BIDs, to complement the Occupier BID currently in place. This will ensure greater

resources to deliver an enhanced partnership with owners and occupiers and add

value to your investments by boosting the District’s business and promotional voice and

enhancing the public realm around your assets.

THE BENEFITSOF A

PROPERTYOWNER BID

5

London’s West End is an important economic powerhouse for the UK. Bringing together property interests and retailers will strengthen the area’s competitive position. Having researched Business Improvement Districts in New York I have seen fi rst-hand the commercial benefi ts of property-led BIDs there. London needs the New West End Company to continue to provide a champion and infl uential voice for business interests in the area.

PROFESSOR TONY TRAVERSDIRECTOR OF GREATER LONDON GROUP, LONDON SCHOOL OF ECONOMICS

A DECADEOF DELIVERY,

THE STORY SO FARPromoting, managing and infl uencing the success of the world’s top shopping destination

£15m leveraged for public realm improvements

Strong support from Mayor of London,Westminster City Council, Transport for London

and Government

Champions of Oxford Circus diagonalsand improved streetscapes

70% retail fl oor space included in Sales Index

100 way-fi nding signsinstalled across the District6

London Luxury Quarter launched

New brand identities created forOxford Street & Bond Street

3 millionpieces of chewing gum removed

30,000 miles of pavements washed

3m visitors

assisted by our Welcome Ambassadors

An average of 85% of 10,000 reportedenvironmental issues

dealt with by Westminster City Council

30 dedicated footfall cameras installed

7

Olympic Torch Relayevent staged successfully

District promoted overseasto USA, Middle East, China and Europe

£100m worth of UK and global media coverage

300 business events, seminars andnetworking receptions held

15 million shoppersjoined our traffi c-free events

£8m in sponsorship and £500min incremental spend generated by our events

8

25,000 shoppers subscribed to our databases

9

In New York, business improvement assessments are paid, in the fi rst instance, by the property owners, who also, by law, must constitute a majority of the Board of Directors. The property owners have a long-term perspective on what investments are essential for the economic health of the area and how resources are best allocated. The transformation of areas such as Lower Manhattan, Times Square, Grand Central and 34th Street would not have been possible without the property owners’ fi nancial commitment and vision.

CARL WEISBROD,CHAIR OF NEW YORK CITY PLANNING COMMISSION & FORMER CHIEF EXECUTIVE OF DOWNTOWN ALLIANCE,

GRAND CENTRAL PARTNERSHIP AND PRESIDENT OF TRINITY REAL ESTATE, NEW YORK

10

AN OPPORTUNITY TO BOOSTYOUR WEST END PORTFOLIO

Property Owners were critical in the early development of

BIDs and specifi cally 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 were passed in December 2014.

The legislation allows for a PO BID to be introduced

where a Business Rate Supplement is in place. A PO BID

would be established following a very similar

consultation and ballot process to that of the occupier

BID. A BID proposal would be drafted that serves the

long term needs of the owners involved. All those that

would be required to pay the levy would be involved in

the development of the BID proposal and would have the

right to vote.

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 to develop a Business

Plan 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 has established a Property

Steering Group to oversee the development of the Property

Owner BID and Business Plan for 2015 – 2020. This group

is chaired by David Shaw OBE, Head of Regent Street

Portfolio at the The Crown Estate and includes

representatives from Redevco, Aviva, Portman Estate,

Grosvenor, Lancer, Circle Properties, John Lewis

Partnership and Exemplar whose representative is the

current Chairman of the Westminster Property Association.

Partnership working is at the heart of the City of Westminster’s ethos. We have supported New West End Company since its inception and we value our partnership. The formal inclusion of property owners into BIDs will ensure the delivery of a range of initiatives in the West End to safeguard its commercial success and drive economic growth in Westminster’s commercial heart.

CLLR DANIEL ASTAIRECABINET MEMBER FOR HOUSING, REGENERATION, BUSINESS AND ECONOMIC DEVELOPMENT,

WESTMINSTER CITY COUNCIL

Programmes of activity in the fi ve-year Business Plan could include:

Innovative global marketing and act as an authoritative voice

for retail real estate

Robust business voice and policy infl uence

Iconic brand-enhancing events to compete globally as the retail

destination of choice through above the line advertising campaigns

Raise the West End profi le to attract incremental spend

and an iconic retail mix

Forge cross-sector strategic partnerships and increase

commercial income

An active and infl uential champion for business

Maximise the commercial opportunity of Crossrail

Secure funding for public realm and congestion reduction projects

Options to reduce business costs & increase commercial

revenue into District

Champion a policy framework at a local and national level

to maximise shopper spend and encourage investment

World-renowned street management & visitor services

Dedicated management and delivery of iconic public realm

schemes and public spaces

Enhanced street cleansing & security

Innovative shopper services maximising digital channels

Greater consumer insights and global benchmarking 11

Great Portland Estates very much supports the establishment of a property owner BID in the West End. Every business with a vested interest in the area’s future can be in no doubt that New West End Company has made a difference helping to cement the West End’s status as a world renowned retail destination.

TOBY COURTAULD,CHIEF EXECUTIVE, GREAT PORTLAND ESTATES PLC

The West End’s popularity is greater than ever before but we need to work together to maintain its position as one of the world’s best shopping destinations. We support New West End Company in establishing a property owner BID and their aim to promote the area’s retail attractions, improve the street environment and champion the interests of business at all levels of Government.

JOHN BURNS,CHIEF EXECUTIVE OFFICER, DERWENT LONDON

12

What is a Business Improvement District?

A Business Improvement District (BID) is a defi ned area within which businesses

come together to fund additional local projects and services. The BID mobilises the

experience and expertise of local businesses who work with each other in partnership

with the public authorities to improve their District.

Retailers in the West End currently run an occupier BID: New West End Company.

This has helped fund major enhancements to the retailing environment through public

realm improvements, street management, cleansing and gum removal, the Welcome

Ambassador meet-and-greet service, enhanced enforcement, worldwide marketing,

iconic Christmas lighting, street events and regular insights on sales, footfall and

performance. A number of West End property owners have been strong supporters of

New West End Company for many years and are fully committed to the next stage.

What is the liability of Owner Occupiers?

Recognising the contribution of owner occupiers from the current retail BID, the

property owner BID will reduce the levy by up to 50%.

What will it cost?

Initial discussions have indicated contributions for qualifying property owners will

be 1% of the Rateable Value of each of their retail properties in the District, with a

Rateable Value of £250,000 or more. This mirrors the current occupier BID. This refl ects

a median cost per property of £5,400 per annum, with levies ranging from £2,500 to

£27,000 per annum (excluding department/variety stores).

What can we achieve together?

A Property Owner BID will raise up to £2.6 million in its fi rst year, and this will leverage

signifi cant additional funding from Transport for London, Westminster City Council and

others. Property Owner contributions will go towards a Business Plan agreed with the

property industry.

Who will be involved?

There are 120 West End landlords who have properties with a current Rateable Value

of £250,000 or more within the BID boundaries and thus qualify for inclusion. All who

qualify will have the opportunity to develop and vote on the proposed business plan.

If there is a majority in favour the BID will be established for a fi ve-year period from

2015 – 2020. The BID levy will only apply to that part of a property used for retail, food

and beverage provision, gallery space or leisure purposes. 13

TIMETABLE TO THE BID BALLOT

PROPERTY OWNER INITIAL CONSULTATION

January – May 2015COMPILATION OF BUSINESS PLAN

April – May 2015LAUNCH OF BUSINESS PLAN

June 2015PROPERTY OWNER BALLOT CAMPAIGN

June – September 2015BALLOT OF PROPERTY OWNERS

October/November 2015COMMENCEMENT OF PROPERTY OWNER BID

December 201514

For further information:

Jace Tyrrell

Deputy Chief Executive

New West End Company

320 Regent Street

London W1B 3 BE

Tel: 020 7462 0680

Mob: 07791 123 513

Email: jace.tyrrell@newwestend.com

Web: newwestend.com/property

@JTwestend

Members & Supporters of New West End Company

DRIVING THE FUTURE OF OUR WEST END

London’s West End is a shopping magnet, attracting visitors from all over the world, driving jobs and growth and boosting London’s economy. Bringing together the energy and experience of businesses in this fl agship retail hub, and drawing up a clear vision for the future through the New West End Company, is essential to its continued success.

BORIS JOHNSONMAYOR OF LONDON

Centre Point, 101–103 New Oxford Street Landlord: Almacantar Size: 82 Luxury apartments 46,000 sq ft retail spaceStage: Planning granted. 2017 Delivery

26–48 Oxford Street Landlord: Land Securities and FrogmoreSize: 70,000 sq ft retailStage: Completion late 2016

127–143 Oxford Street Landlord: FreshwaterSize: TBCStage: 2020

Academy House, 163–167 Oxford StreetLandlord: AvivaSize: 10,000 sq ftStage: Completion Q1 2017

73–89 Oxford StreetLandlord: Great Portland EstatesSize: Circa 48,000 sq ft retailStage: Construction due to start; completion Q1 2017

St James’s MarketLandlord: The Crown EstateSize: 35,000 sq ft retail, 190,000 sq ft offi ceStage: Q3 2013

1 Eagle PlaceLandlord: The Crown EstateSize: 18,000 sq ft retail, 57,000 sq ft offi ce, 23,000 sq ft residentialStage: Completion Q3 2013

1 Regent Street St James’sLandlord: The Crown EstateSize: 6,000 sq ft retail, 20,000 sq ft offi ceStage: Completion Q1 2014

106 Jermyn StreetLandlord: The Crown EstateSize: 10,000 sq ftStage: Completion Q4 2015

153–167 Regent StreetLandlord: The Crown EstateSize: 40,000 sq ft retail, 95,000 sq ft offi ceStage: Completion Q1 2014

Crossrail, Tottenham Court Road Western Ticket HallLandlord: CrossrailSize: 10,000 sq ft retail, 90,000 sq ft residentialStage: Under construction

Crossrail, Bond Street North Ticket Hall354–358 Oxford StreetLandlord: CrossrailSize: 3,800 sq ft retail, 9,600 sq ft offi ceStage: Under construction. Due c.2016

8–10 Grafton Street & 24 Bruton Lane Landlord: O&H PropertiesSize: 60,000 sq ftStage: Pre-planning. 2015 re-development

12–1 4 New Bond Street & 5–9 CorkLandlord: The Pollen EstateSize: 22,000 sq ft retail/gallery 39,000 sq ft offi ceStage: Planning approved, start 2015

66 Wigmore StreetLandlord: The Howard de Walden EstateSize: 54,500 sq ftStage: Under development

544–554 Oxford StreetLandlord: Pike InvestmentsSize: 30,000 sq ft retailStage: Q1 2016

Marble Arch TowerLandlord: AlmacantarSize: 0.92 acresStage: Planning granted. Delivery 2018

421–427 Oxford StreetLandlord: Grosvenor and Stowe SecuritySize: 25,000 sq ft retailStage: Delivery Q4 2016

Prudential

GrosvenorDuke Street

Grosvenor

New West End Company’s BID area.

London Luxury Quarter – a joint initiative with Heart of London Business Alliance.

Published by New West End Company, Morley House, 320 Regent Street, London W1B 3BE

Information correct at the time of printing. March 2015

287–291 Oxford Street Landlord: AvivaSize: 12,000 sq ft retailStage: Onsite

Hanover Square Landlord: Great Portland Estates LtdSize: 32,700 sq ft retail and restaurant, 163,500 offi ce, 11,800 sq ft residentialStage: Due 2018

113–119 Charing Cross RoadLandlord: Soho EstatesSize: 40,000 sq ft retail, 90,000 sq ft offi ceStage: 2015 start

12–13 Sherwood Street & 63–75 Brewer StreetLandlord: The Crown EstateSize: 55,000 sq ft residentialStage: 2015 start

Holden House, 54–68 Oxford Street Landlord: Derwent LondonSize: 137,000 sq ftStage: 2020

One Bedford Avenue Landlord: Exemplar, Ashby Capital and The Bedford EstatesSize: 70,000 sq ft offi ce 25,000 sq ft retail spacStage: Due early 2017

7 Air Street, London W1 & 21 Glasshouse StreetLandlord: The Crown EstateSize: 71,000 sq ft offi ceStage: Completion Easter 2015

29–30 St James’s StreetLandlord: The Crown EstateSize: 6,000 sq ft retail, 10,000 sq ft offi ce, 14,000 sq ft residentialStage: Completion 2015

Castlewood House, 63–91 New Oxford StreetLandlord: CISSize: 60,000 sq ft retailStage: 2020

1–2 Stephen Street & Tottenham Court WalkLandlord: Derwent LondonSize: 41,000 sq ft retail spaceStage: Delivery 2015

Rathbone Square, 35–50 Rathbone Place Landlord: Great Portland Estates plcSize: 42,000 sq ft retail, 217,000 sq ft offi ces, 155,000 sq ft residentialStage: Completion Spring 2017

120 Oxford StreetLandlord: SirosaSize: 73,250 sq ft retailStage: Marketing to new tenants

One Oxford Street, Crossrail, Tottenham Court Road East Ticket Hall, 17–23 Oxford Street Landlord: LUL LtdSize: 39,000 sq ft retail, 350 seat theatre, 300,000 sq ft offi ce spaceStage: Under construction, due 2017/18

49–51 Conduit Street & 24 Savile Row Landlord: Aerium & Terrace Hill Group plcSize: 9,000 sq ft retail, 22,500 sq ft offi ceStage: Onsite

Selfridges, 400 Oxford Street Landlord: SelfridgesSize: Extension hotel and retailStage: Pre-planning

Oxford House, 70–88 Oxford StreetLandlord: Great Portland EstatesSize: 33,000 sq ft retailStage: New planning application to be submitted Q1 2015

169–183 Regent StreetLandlord: The Crown EstateSize: 30,000 sq ft retail, 90,000 sq ft offi ceStage: On-site