£5bn investment to boost West End post-covid

New West End Company, which represents 600 businesses on Oxford Street, Regent Street, Bond Street, and Mayfair, has announced details of a collective planned £5 billion investment into the area.

The investment will be spread across 22 existing and new West End developments and aims to help the area bounce back from the pandemic.

£220 million of the total investment will be spent on public space.

The business partnership said that traditional brick and mortar stores will be complimented with brands that “fulfil the needs of a consumer looking for a more diversified and immersive experience.”

It described the move as one of the most ambitious overhauls of a High Street to date, as 76 per cent of the West End developments listed will be mixed use.

The organisation added that the launch of Outernet London - the first of a global network of the advanced immersive media, entertainment and culture districts - and the plans to turn Cavendish Square into a health and wellbeing destination are “just two examples of a new era for London’s West End.”

"Over the last year, we’ve seen an incredible response to interventions like outdoor dining, pavement widening and public art schemes,” said James Raynor, chief executive of property group Grosvenor Britain & Ireland. "But to secure the West End’s future we need to think bigger and bolder.

“Only continued investment in the evolution of the place and political support to entice back international visitors will see it able to contribute to the UK economy as it has in past years. "In Mayfair, our development pipeline alone represents £1 billion of future investment in the destination’s recovery and resilience to climate change.”

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