City businesses support BIDs to improve local area
As businesses across the City try to entice their employees back to the office, news that two new Business Improvement Districts (BIDs) are to be created in the City of London can only be positive. From April, BIDs in the Fleet Street Quarter and the Eastern City area of the Square Mile go live.
For those less familiar with BIDs, they impose a levy on local rate payers, with the proceeds being used for projects to improve the relevant BID area. Placemaking is key, along with a general improvement to the local environment, with sustainability, green spaces, inclusive activities, and an improved food, beverage and retail offer likely to be top of the agenda.
Other BIDs across London have demonstrated their transformative value, with Cheapside and Victoria being leading examples of what can be achieved with local thinking and contributions from occupier stakeholders.
As we emerge from the ravages of the Covid pandemic, it is clear that employees want more from their place of work and that includes the surrounding area. Young professionals demand good transport links, proximate facilities, like gyms, bars and restaurants and a safe, clean and pleasant route to work. Having a BID overseeing local projects can only lead to improvements in the area, to the benefit of all occupiers and to the investors and developers looking for their next project in the City.
Having served on the board of the Fleet Street Quarter BID and with my own place of work sitting in the middle of the BID area, I am looking forward to helping the Fleet Street Quarter BID deliver improvements to the historic area that we are so fortunate to work in.
From transformational public realm projects, to supporting small businesses and making areas safer, cleaner and more pleasant places to visit or work, BIDs have a proven track record for driving change and innovation.
