Private sector to part-fund improvements to Oxford Street’s public realm
Published: 28 February, 2011
Oasis Development Company launched to develop new shopper pavilion to target ‘retail tourists’
New West End Company – representing 600 retailers and businesses in London’s West End – has submitted a planning application to Westminster City Council to develop the West End’s first shopper pavilion on Old Cavendish Street between John Lewis and House of Fraser.
The 2,000-sq ft, £2.1m development is part of a major new initiative to help improve the public realm in London’s West End. It will be developed by a new joint venture – the not-for-profit Oasis Development Company - made up of House of Fraser, John Lewis Partnership, Land Securities, Derwent London and Great Portland Estates.
Richard Dickinson, CEO of New West End Company said, “These are tough times for the public sector and both retailers and landowners want to play their part to help ensure that London’s West End continues to improve and is ready to welcome the 1 million additional visitors anticipated during the Olympic Games. This unique development will welcome and orientate shoppers around the World’s most famous retail district, with Olympic visitors set to boost the West End retail economy by over £100 million during Games time.
The proposal seeks to be one of the first to potentially capitalise on the use of public realm credits. This innovative approach developed by Westminster City Council is currently out to consultation. Should this new funding approach be adopted by the council, the visitor pavilion could be one of the first major projects to benefit from the new approach, unique to the UK.
