The biggest single scheme is the £1 billion Outernet Global entertainment hub centered on Denmark Street
(Picture: Grain London Ltd)The West End is poised to bounce back strongly from the pandemic with more than £5 billion of investment lined up over the next five years, according to a new survey.
The unprecedented injection of funding into the district will come through 22 major development projects.
The biggest single scheme is the £1 billion Outernet Global entertainment hub centered on Denmark Street, followed by Grosvenor’s £500 million redevelopment of the South Molton Street triangle in Mayfair.
However, business leaders also warned that the West End’s prospects are being held back by barriers to overseas tourists including complex visa rules and the abolition of tax-free shopping.
Jace Tyrell, chief executive at New West End Company, which represents 600 businesses in the area, said: “London’s West End has long held a place as one of the globe’s leading commercial hubs, but this unprecedented level of billions in capital investment will cement our spot as the most iconic and diverse consumer district in the world.”
