West End investment hits £5bn as firms call for government help on tourism

London’s West End is in line for more than £5bn in capital investment over the coming years, it has been estimated, prompting developers to call for government help in getting foreign tourists back to the district. The New West End Company has found that the funding will come across 22 existing and new developments in the area, with the investment spread over the next five years. These include schemes such as Marks & Spencer’s redevelopment of its Oxford Street store, Reef’s plans to turn Cavendish Square into an underground health and leisure destination, and the construction of Outernet London, a mixed-use development devoted to media, entertainment and retail. Around £220m of that figure will be dedicated to improving public spaces, says NWEC, highlighting a desire among businesses to boost footfall to an area that has been significantly hit by the pandemic. The investment comes alongside Westminster City Council’s promise to spend £150m on public realm improvements, environmental initiatives and pop-up schemes over the coming years. Grosvenor boss James Raynor said that while the investment signalled private sector confidence in the district, it needed to be backed up by government policies to entice more foreign tourists and boost footfall. He said: “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.” New West End Company chief executive Jace Tyrell says this could be done with a “simplified visa process” for international visitors. Visas for visitors to the UK are currently less flexible than those for countries in Europe’s Schengen area, which allows entry into 26 countries. NWEC argues that this will impede footfall from foreign tourists once pandemic travel restrictions ease. Tyrell said: “Those who are placing their financial faith in the West End are working with one hand tied behind their back. With support from the government, we need to make the West End as attractive as possible to both domestic and international visitors, showing them why London is the place to shop, dine, explore and experience over alternatives such as Paris or Milan.” It comes after a summer of controversy for the West End. Westminster council has been criticised for spending £6m on the unpopular attraction the Marble Arch Mound and rowing back on a promise to install two pedestrian squares at Oxford Circus by the end of the year. Businesses have also slammed the council for ploughing ahead with plans to end an al fresco dining scheme across Soho at the end of September, which has allowed pandemic-stricken restaurants and bars to increase capacity over the summer. Yesterday, speaking at the London Real Estate Forum, council leader Rachael Robathan said that while Westminster was consulting residents on how it could deliver a similar al fresco scheme in future, it was “unlikely to be to the extent that it has been”. “The only way we could deliver [the al fresco scheme in] Soho was with a lot of temporary road closures,” she said, which “isn’t practical going forward”. “But we accept that it has been a really positive thing for Soho and we want to explore how we can extend that,” she added.   To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews Inage © Amer Ghazzal/Shutterstock