3 April 2018
£1 Billion investment in London's West End
Grosvenor responds to London’s growth and need to improve the experience of those visiting, living and working in the West End. Commitment will enhance West End’s major contribution to UK economy
Grosvenor Britain & Ireland (‘Grosvenor’) announces it is to invest over £1 billion in its estate in London’s West End.
The 10 year strategy is one of Grosvenor’s responses to the significant challenges London is facing including population growth, the launch of the Elizabeth line, and strain on infrastructure and amenities. The company wants to transform its London estate and help tackle the pressures facing the capital by increasing capacity and creating better streets, greener spaces and more enterprising places.
By improving the experiences of those who work in, live in and visit the West End, Grosvenor also expects to enhance the estates’ contribution to the UK economy by up to 30%.
Craig McWilliam, CEO, Grosvenor Britain & Ireland, said: “As the most productive part of London and the whole country, the West End is a major contributor to the economic health of the UK. However, it faces fierce international and domestic competition and we cannot be complacent about its continued prestige, popularity or productivity.
“Our estate has huge potential to work harder and contribute more to the capital and this major long term commitment is a bold vote of confidence in the West End’s future.”
At least an extra 20 million people will use the Elizabeth line to come to the West End in 2020 increasing the strain on nearby streets and amenities but also increasing opportunities for the area. As a result, The New West End Company predicts turnover in the West End will increase to £13 billion (2014: £8.8 billion) by 2021.
To address the changing pressures and opportunities faced in central London, Grosvenor will deliver new and improved office and retail space across its estate backed by significant investment in the street level environment, green spaces, cultural events and visitor experiences.
Craig McWilliam added: “Key transformational projects must be completed to cement the West End’s competitive advantage for generations to come. We will achieve this by increasing retail and office capacity on our estate and delivering change that makes it more active, open and enticing for visitors, residents and businesses.”
Recently, Grosvenor has demonstrated its ability to cultivate highly attractive enterprising spaces with long term impact through activity such as:
- Digital investment: A £2 million investment to improve the West End’s digital resilience, bring down barriers for local businesses and future-proof consumers’ use of the internet.
- Eccleston Yards: the animation of previously underused land on the boundaries of Victoria and Belgravia to create a hub for creative enterprise and co-working around a new public square. Home to a number of brands, Eccleston Yards launched with Barry’s Bootcamp in January 2018.
- The transformation of Grosvenor Square: a public call for ideas has preceded the creation of a professional panel of leading figures in culture, architecture and design to secure the capital’s second largest garden square’s place as a defining public space in London.
- 65 Davies Street a £150 million, c65,500 sq. ft. of new office space above the western ticket hall at Crossrail’s new Bond Street station opening up new contemporary office space for the area.
- Berkeley Square public realm: A £4 million scheme to curb traffic noise and pollution and improve the pedestrian experience is set to commence in early June.
Joanna Lea, Director of Retail Leasing, Grosvenor Britain & Ireland added: “Our landmark retail streets act as the shop window to the London estate and play a critical role in its success. As brands focus on ‘must visit’ locations, adapt to digital trends and the desire for immersive experiences, we must deliver a wider, more integrated blend of retail, culture and food and leisure opportunities driven by deeper collaboration with retailers. The transformation of our retail portfolio will see our stores, streets and places respond to changing habits.”
Charles Howard, Head of Commercial Leasing, Grosvenor Britain & Ireland added, “Businesses flourish when people love where they work. Our investments, such as at 65 Davies Street, will create new employment space in London’s best connected addresses supported by world class retailing opportunities and cultural experiences.”
For more information contact:
Grosvenor Britain & Ireland
020 7312 6957
Notes to Editors
Grosvenor Britain & Ireland
Grosvenor Britain & Ireland creates and manages high-quality neighbourhoods across the UK and Ireland. The company’s diverse property development, management and investment portfolio includes Grosvenor’s London estate, comprising 300 acres of Mayfair and Belgravia, in which it has a £1bn planned investment programme. Other developments include elsewhere in London and Oxford, Cambridge, Edinburgh and Southampton. As at 31 December 2015, Grosvenor Britain & Ireland had £5.7bn of assets under management.
Grosvenor Britain & Ireland is part of Grosvenor Group, a privately owned property group active in some of the world’s most dynamic cities. www.grosvenor.com @Grosvenor_GBI