£2.9bn of investment planned for Oxford Street by 2022
Oxford Street and the surrounding area is set to receive a total of £2.9bn in investment over the next two years, according to a new report.
Westminster City Council has committed to investing £150m up to 2023 to transform the area, including a proposed public piazza at Oxford Circus, a public square at Marble Arch and more footpath space.
Read more: Plans unveiled for £100m underground development in West End
Extra investment is also expected after the council and the Mayor of London classified Bond Street, Oxford Street and Regent Street as an “international centre” in their draft city plans.
The reclassification will allow the area to diversify from its mainly retail offering, according to a report by the New West End Company.
An update to Sunday trading hours could also bring in an additional £260m to the area each year.
Jace Tyrell, chief executive of the New West End Company, said: “London’s West End is not beyond the wider malaise of the retail sector.
“However, the £2.9bn investment from public and private sectors will catalyse the birth of a new West End.
“Additionally, the new deal will see the West End secure “International Centre” status which will lead to a generational shift in how Oxford Street is used.”
Read more: West End landlord Shaftesbury unaffected by retail restructurings
Meanwhile, Crossrail is expected to be operational by 2021, which will bring an extra 60m visitors to the West End each year.
Other investments that have already been announced include a £100m underground development at Cavendish Square and £350,000 to fund district-wide wi-fi connection.
Main image credit: Getty