NWEC BID wins new five-year mandate with increased income

The New West End Company (NWEC) which runs a business improvement district (BID) covering streets including Oxford Street, Regent Street and Bond Street has won a ballot for a new mandate which will bring in £60mn over its five-year term.

It now includes office hereditaments located within the existing BID footprint, which previously only included retail, hospitality and leisure BID members.

Occupiers and owners of property with a rateable value of £400,000 and above are liable for a 0.8 percent levy which is collected by Westminster Council on behalf of NWEC.

It’s current five-year BID term ends on 31 March 2026 and is expected to have brought in around £40mn. The 2026-2031 BID, due to the inclusion of business occupiers and owners, is expected to increase the income by 50 percent bringing in around £60mn.

NWEC’s BID includes some streets in Fitzrovia West south of Eastcastle Street and Market Place.

The BID first came into operation in 2005 and is renewed usually every five years. BIDs operate in a public-private partnership with local council’s to provide additional services to its member businesses, including marketing, security, and environmental improvements.

Westminster Council approved the changes to the BID area in August and a ballot of the BID members was carried out this month.

Westminster Council decision, New West End Alteration and Renewal Occupier & Owner BID Proposal 2026-2031. NWEC Occupier and Property Owner BID ballot results.

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