8th April Press Release
Westminster Council approves business case (8TH April)
Westminster Council’s Cabinet has approved the business case and associated investment relating to the Oxford Street District. The accompanying papers for this meeting have been published on the council’s website and can be viewed here
The report provides a summary of the Business Case, the rationale for investment and the Cabinet has now approved the following:
a) Cabinet has approved the Business Case which demonstrates high value for money and provides a robust justification for the £150m investment by the Council for the Oxford Street District programme.
b) Cabinet has approved spend against the project of c.£21m focussed on the design, surveys and other feasibility related work for the programme, this includes a contingency element.
c) Cabinet has approved Option 4 as the Preferred Option which delivers the Place Shaping Strategy as approved by Council on 25 February 2019 and has an estimated cost of £232m. To deliver this option additional funding will be required from the private sector.
d) Cabinet has approved the development of a Funding Strategy which sets out how the council will work to secure the funding required to deliver Option 4 of c.£82m.
e) That decisions are delegated to the Cabinet Member for Place Shaping and Planning and the Cabinet Member for Finance, Property and Regeneration in consultation with the Oxford Street Steering Group including:
* Approval for projects to enter the delivery phase (individual projects will be grouped into work packages and approved over the course of the programme) and hence approval to spend against budget
* Acceptance of external funding and to respond to stakeholders.
Cllr Richard Beddoe, Cabinet Member for Place Shaping and Planning, said: “As we have said many times, we are hugely ambitious for the Oxford Street District which is why we’ve set aside £150m of council capital funds to massively kick start the work that will support our ground breaking Place Strategy and we repeat our call for partners to come forward with firm financial support in order to deliver it in full. The detailed business case that Cabinet has approved shows that delivering the full place strategy will provide the maximum benefit for the district and we will continue to work closely with local residents, visitors and businesses to future proof this vital and iconic part of Westminster and the West End.”
If you have any questions please contact the team directly at firstname.lastname@example.org
The Oxford Street District Team