Oxford Street to receive £1bn makeoverWednesday, 30 March 2011
Investors include: Frogmore; Great Portland Estates plc; Land Securities Group plc; and Derwent London plc who this month announced a £31 million purchase of the Network Building on Tottenham Court Road. A further £1billion of investment by Transport for London will deliver two new Crossrail stations and tube upgrades at Tottenham Court Road and Bond Street stations.
According to forecasts by CB Richard Ellis for New West End Company, as a result of this injection of investment footfall and sales on East Oxford Street are set to increase by 140% and 220% respectively over the next five years. Spend on the east end of Oxford Street is due to reach £1.2 billion in 2012 and increase by 58% to £1.9billion by 2016.
Dame Judith Mayhew Jonas, Chairman, New West End Company says, “After decades of decline, and years of campaigning for the improvement of the area, East Oxford Street is set for a
The much-needed boost to the public realm, complemented by over £600million in private sector investments will re-energise the area and join up the offer at both ends of Oxford Street, cementing the West End’s global destination status.”
Public and private sectors will join together to invest and reinvigorate the area including a commitment from Westminster City Council and Transport for London to work with its partners to deliver £1.7m public realm enhancements to improve the design, layout and operation of the east end of Oxford Street with 6% more usable street space for shoppers. This work will commence next week.
Image: Oxford Street