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.
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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
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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
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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
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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
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25,000 shoppers subscribed to our databases
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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
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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
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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: [email protected]
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
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