Midtown, the central London district comprising Bloomsbury, Holborn and St Giles, is set to receive £15 million in private investment after local business leaders voted overwhelmingly to support inmidtown Business Improvement District (BID) and its ambitious five year plan.
Over 88 per cent of businesses in Midtown – which include The British Museum, Olswang, Mitsubishi Corporation, Mediacom, Grange Hotels, Yahoo! And Bupa – backed the plan. The result is the highest ever recorded for any BID of this scale in the UK.
It ensures that the BIDs five year mandate will begin on April 1, guaranteeing a cash injection to enhance Midtown’s position as one of London’s most significant commercial districts and an internationally renowned business destination.
The news has been welcomed by London Mayor Boris Johnson who said: “The continued success of the capital’s economy relies on ensuring our great city remains attractive and competitive in order to support businesses and attract new investment.
“London’s Business Improvement Districts make a very significant contribution to achieving that goal and the five year plan set out by inmidtown promises to deliver some remarkable improvements across an important part of our city.”
The five year plan includes initiatives designed to tackle local issues and ensure that Midtown is a great destination to work and to visit;
Julie Rogers, of Mitsubishi Corporation, is the acting chair of inmidtown: “We are delighted that Midtown is set to reach new heights over the next five years, building on the fantastic work that has already transformed the area into a London destination we are very proud of,” she said.
“There is such a diverse range of businesses here – from tech to culture –which makes it a rich and inspirational place to work and we look forward to taking part in and benefitting from the future initiatives that inmidtown plans to implement.”
Midtown has already benefitted from significant amounts of private and public investment which has funded major developments including the redevelopment of Centre Point (pictured) and Africa House. Rental values in the district have risen from £40 per sq ft to £72 per sq ft although this figure remains 14 per cent below that of the West End.
