Landsec’s managing director for workplace has warned the reputation of London’s West End as “the greatest part of the greatest city in the world” is at risk if the challenges slowing development in the borough are not addressed.
Speaking as chair of the Westminster Property Association at its AGM reception, Marcus Geddes said the success of the West End “is taken for granted at our peril”, and praised re-elected mayor Sadiq Khan’s commitment to the Central Activities Zone. “His London growth plan sets an ambitious target for an additional 150,000 jobs over four years,” Geddes said. “He’s going to need the West End to play a big part in delivering that.”
National government, meanwhile, “appears to be finally remembering central London’s key role in supporting the UK economy”, Geddes said, adding: “The national Labour Party is making clear its pro-growth agenda as it forges ever closer ties with business to help deliver on its electoral promises, should it win power, as expected, later in the year.”
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Landsec’s managing director for workplace has warned the reputation of London’s West End as “the greatest part of the greatest city in the world” is at risk if the challenges slowing development in the borough are not addressed.
Speaking as chair of the Westminster Property Association at its AGM reception, Marcus Geddes said the success of the West End “is taken for granted at our peril”, and praised re-elected mayor Sadiq Khan’s commitment to the Central Activities Zone. “His London growth plan sets an ambitious target for an additional 150,000 jobs over four years,” Geddes said. “He’s going to need the West End to play a big part in delivering that.”
National government, meanwhile, “appears to be finally remembering central London’s key role in supporting the UK economy”, Geddes said, adding: “The national Labour Party is making clear its pro-growth agenda as it forges ever closer ties with business to help deliver on its electoral promises, should it win power, as expected, later in the year.”
But Geddes echoed warnings from the WPA, stemming from a report into office development in Westminster, revealed exclusively by EG earlier this year.
“We all want the West End to succeed,” Geddes said. “Indeed, London’s success is inextricably linked to it providing the offices, shops, bars, restaurants, cultural attractions and, of course, housing required to maintain its rich ecosystem that supports economic and social prosperity. But when it comes to office development, a prime consideration of the majority of WPA’s membership and critical for the creation of good jobs, the unvarnished truth is that since 2019 Westminster has lost 3.7m sq ft of it.”
A “balanced growth” approach to planning and policy could unlock 14m sq ft of commercial space, Geddes said, more than half comprising offices.
“This would grow Westminster’s economy by nearly a third and deliver the best-in-class sustainable workspaces that global occupiers are seeking – ensuring these jobs and investment come to Westminster, rather than heading elsewhere to other parts of London in some cases, but in many instances, other parts of the world,” he added.
Getting public and private sectors on the same page will be crucial in avoiding that risk, Geddes said.
“From our conversations with councillors, we share the same objectives for the city in terms of delivering good growth. But our views on how that is achieved vary. Of course, we’re not always going to see eye to eye, and we would do our members and the city a disservice if we did not clearly spell out the consequences of policies that we believe risk the West End’s unique status as the greatest part of the greatest city in the world.”
Image from Westminster Property Association
