Local businesses in The Northbank have voted overwhelmingly in favour of renewing The Northbank Business Improvement District (BID) for a third consecutive term.
Of those businesses that voted, 95% voted ‘yes’ at the ballot (98% by rateable value), setting a strong mandate for the BID to continue to deliver its ambitious strategic and operational improvements of the area.
The ballot result endorses the key achievements of the BID over the past 10 years, after its establishment in 2013, and increases support for an aligned partnership approach across this key part of London.
The BID team, led by specialist regeneration expert Ruth Duston, OBE, OC, will work with the local authority and other key stakeholders to deliver The Northbank 2023-2028 vision that was published in advance of the ballot being held.
The BID’s work will continue to enhance the area’s important position as a key destination in London; with vital transport links, a history of culture and a vibrant leisure offering. Approximately £10.1 million will be invested into the area over the BID’s third term, bringing the BID’s lifetime investment to over £35 million. Over the past ten years £25.8m in external investment has also been secured by the BID to deliver transformational schemes such as Strand Aldwych – a project that the BID championed, facilitated and part-funded since 2013. This was delivered in partnership with Westminster City Council and other local stakeholders, converting busy roadways into a welcoming public space measuring more than 7000m2 along the Strand, complemented by a vastly improved experience for pedestrians across Aldwych.
The Northbank has experienced 10 year growth of 42% to generate £4.5 billion in GVA and contributes £134 million in business rates to the Exchequer every year.
The Northbank BID will be investing in a range of strategic and operational projects and will focus on four aims:
Ruth Duston OBE OC, Chief Executive of The Northbank BID said:
“We are incredibly grateful to all those who took part in the ballot process – from our initial consultation in summer 2022 right the way through to the vote itself – and we look forward to another five years of delivering services in support of our members. Our on-street and destination marketing teams will continue to create an exemplary experience for visitors and workers alike, and we’ve already begun to develop a programme of improvements to the Strand and Riverfront that will be implemented over the coming term. At the heart of achieving all this will be a commitment to building a responsible business district that supports the wider Westminster community and prioritises environmental sustainability.”
About The Northbank BID:
The Northbank is the geographical centre of London, connecting Parliament with the City, and is meeting point for many lines of transport. The Northbank is one of London’s most prestigious BIDs, having the largest proportion of listed buildings and of the capital’s architectural icons, aligned around the main processional route and interlinked through a web of courtyards and alleyways. The BID acts as a catalyst for the area it represents, providing strategic leadership within the London context and providing businesses with the tools and resources to champion the district.