Streatham town centre to be improved by BID?

Streatham town centre to be improved by BID?Major improvements could be made to Streatham town centre thanks to a new business partnership.

Consultations are underway between companies and Lambeth Council about forming a Business Improvement District (BID) and it means property to rent in Streatham could become more desirable in the future.

This not-for-profit organisation would see establishments come together and pursue measures that are beneficial for the location as a whole. It would be funded through an annual levy on businesses in the area.

Councillor Jackie Meldrum, cabinet lead for business and employment on Lambeth Council, is excited by the prospect of Streatham setting up a BID. She went on to note town centres are the "heart of our communities" and so they should always be thriving and welcoming for both residents and visitors.

"It's already been incredibly successful in Waterloo and in Vauxhall the new BID has just been established and is planning a range of projects. It would be great if we could repeat that success in Streatham.

"Huge investment is taking place in Streatham and residents and businesses can see a real example of this as work on the new leisure centre is currently underway," Ms Meldrum remarked.

Some 100 companies were questioned about their views on a BID as part of a feasibility study. A total of 66 were in favour, 27 were undecided and seven were against the proposal.

At present, there are 27 BIDs in London and two in Lambeth and the structures are starting to play an increasingly big role in the management and promotion of many of the capital's key business locations, such as Piccadilly/Leicester Square, Bankside and Paddington .

On average, companies will be expected to pay 1.3 per cent of the rateable value of the commercial property in order to fund the programme. Among the schemes a BID will push is a shop local incentive, as it seeks to restore the town centre to its former level of importance for communities.

Posted by Martyn Glynn

Published 25th May, 2012

© 2012 Estates IT Limited

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Streatham town centre to be improved by BID?

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