Grosvenor to invest £1bn in London’s West End estate

WCN Editorial Team 9 Apr 2018 EUROPE BUILDINGS

Property group Grosvenor Britain & Ireland (Grosvenor) will invest more than £1bn in its estate in London’s West End to increase capacity and create better streets, greener spaces and more enterprising places.

The company has launched a 10-year strategy as part of its response to the challenges London is facing, including population growth, launch of the Elizabeth line, and strain on infrastructure and amenities.

Grosvenor expects to increase the contribution of the estate to the UK economy by up to 30% by improving the experiences of those who work in, live in and visit the West End.

Grosvenor Britain & Ireland CEO Craig McWilliam said: “As the most productive part of London and the whole country, the West End is a major contributor to the economic health of the UK.

“However, it faces fierce international and domestic competition and we cannot be complacent about its continued prestige, popularity or productivity.

“Our estate has huge potential to work harder and contribute more to the capital and this major long-term commitment is a bold vote of confidence in the West End’s future.”

To meet the challenges faced in central London, Grosvenor will deliver new office and retail space across its estate, supported by investment in the street-level environment, green spaces, cultural events and visitor experiences.

Grosvenor has recently taken up several activities, including £2m investment to improve the West End’s digital resilience; development of Eccleston Yards on the boundaries of Victoria and Belgravia; and creation of a panel for the transformation of Grosvenor Square.

The company has also taken up development of 65 Davies Street – a £150m, 65,500ft² of new office space above the western ticket hall at Crossrail’s new Bond Street station; and Berkeley Square public realm, A £4m scheme to curb traffic noise and pollution, which is set to commence in early June.

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