Grosvenor Britain & Ireland to invest over £1bn in West End estate.
Grosvenor has unveiled a 10-year strategy in response to the significant challenges London is facing including population growth, the launch of Crossrail, 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.
At least an extra 20 million people will use the Elizabeth line Crossrail route 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 that by 2021 turnover in the West End will have increase to £13bn from £8.8bn in 2014.
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.
Joanna Lea, Grosvenor’s director of retail leasing, said: “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.”