Regeneration: Aristocratic deal will bring revolution to the streets

03 October 2007
 
A new funding model pioneered by Westminster City Council is set to allow local authorities to unlock private investment for urban regeneration.

The council is on the brink of signing a deal with Grosvenor group, the international property firm owned by the Duke Of Westminster. The authority will lend £10M of its Local Authority Business Growth Incentive (LABGI) grant for improvements to public streets around its holdings in the West End.

Grosvenor’s core portfolio comprises 120ha of prime central London real estate in Mayfair and Belgravia, which falls under the council’s control. The company will carry out improvements to the public streetscape and pay Westminster back in five years’ time. The aim is to deliver distinctive improvements to public spaces which enhance ‘place’ – a key issue from the Lyons report.

The council argues that using a percentage of business rates to kick-start major projects will drive job creation and deliver infrastructure projects at a lower cost. Leader of the Westminster City Council, Sir Simon Milton, said: ‘This will revolutionise how the public and private sector operate. ‘We’ve both got a vested interest in improving our streets, but instead of going with a begging bowl, we can unlock significant amounts of investment at little cost to the council. It’s a win-win situation for all.’

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