Multi-million pound investment plans secured with ballot result announced today
Local businesses in Victoria have voted overwhelmingly in favour of renewing the Victoria Business Improvement District (BID) for a third consecutive term.
Of those businesses that voted, 93% voted ‘yes’ at the ballot (97% 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 2010, and increased support for an aligned partnership approach across this key part of London.
The BID team, led by specialist regeneration expert Ruth Duston, will work with businesses, the wider communities of Victoria, Westminster City Council and other key stakeholders to deliver the Victoria 2020-2025 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 £12.75 million will be invested into the area over the BID’s third term, bringing the BID’s lifetime investment to over £31 million.
Victoria already generates some £3.1 billion in GVA and contributes some £105 million in business rates to the Exchequer every year, and this growth is expected to continue over the next few years. Research commissioned by the BID in its second term showed that the area should aim to accommodate and additional 1,300 jobs per annum which is equivalent to adding approximately £100m in GVA and £30m in tax revenues.
With appetite growing for the upgrade of Victoria Station and increasing focus London wide on hard hitting issues such as air pollution and rough sleeping, the BID is a key catalyst for pushing forward change and continually amplifying Victoria and its future growth.
There is growing acknowledgement that all areas in the capital are raising their game, no matter how well known or iconic. The drive to compete for the best talent, a rightful share of the tourist market and entice domestic visitors has never been more important.
Ruth Duston OBE OC, Chief Executive of Victoria BID said:
“BIDs in the capital, are a powerful and strategic force for good. 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.
“The Victoria BID has matured over its 10 years of operation and is now a vital delivery partner for the local area and plays an increasingly important role in the governance and evolution of Victoria. Our work is varied and ambitious, and involves all the communities of Victoria – businesses, residents, charity and public sector partners and the vulnerable in society too. I’m delighted with this result as it means our important work can continue.”
Cllr Matthew Green, Westminster City Council Cabinet Member for Business and Planning, said:
“Working closely with Business Improvement Districts and their members is important to help achieve shared goals such as improving public areas, supporting employment and skills and addressing the climate emergency.
“I’m pleased to be able to carry on working with Victoria Business Improvement District as its members give it a mandate to begin a third term. I look forward to continuing collaborating on projects like Future Victoria as well as finding ways to improve the quality of local streets and spaces beyond the transport hub.”
Deputy Mayor of Business, Rajesh Agrawal said:
“Victoria’s Business Improvement District has done fantastic work over the last decade and the vote to renew for the next five years is testament to all it has achieved in supporting local employers. I look forward to seeing businesses in this area go from strength to strength with the BIDs’ invaluable support.”
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