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Business, Regeneration

Plans underway for new partnership of businesses to boost Streatham

A new town centre partnership that would work together to bring major improvements to Streatham could be on the cards.

Local businesses are working with Lambeth Council to explore the possibility of setting up a Business Improvement District (BID) in Streatham. 

BIDs are not for profit organisations that work together to improve town centres. They are funded by an annual levy on businesses in the area and must be approved by a ballot.

Vauxhall became the second area in Lambeth to become a BID earlier this year after businesses voted overwhelmingly in favour of setting up the ‘Vauxhall One BID’. Waterloo Quarter BID was the first to be established in Lambeth and has been in existence for a number of years.

Cllr Jackie Meldrum, Cabinet lead for Business and Employment on Lambeth Council, said:

“The prospect of a BID in Streatham is really exciting. 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 including a new street warden service and increased CCTV and street lighting. It would be great if we could repeat that success in Streatham.

“Our town centres are at the heart of our communities and we are working hard to ensure they are thriving and attractive areas for residents and visitors alike.

“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.”

Vauxhall One BID plans to make Vauxhall safer, smarter and cleaner by introducing a new ‘warden service’ to work alongside police to tackle anti-social behaviour and report environmental problems, a ‘makeover’ of Vauxhall’s arches including CCTV and better lighting, and a taxi marshal scheme to help people who come to Vauxhall for its vibrant nightlife.

Plans for a similar scheme in Streatham are at an early stage but a feasibility study has been undertaken that showed that out of 100 businesses consulted, 66 were in favour, seven were against and 27 were undecided.

Vauxhall One was the 27th BID in London and the second in the London Borough of Lambeth. BIDs are playing a prominent role in the management and promotion of many of the capital’s key business locations, including the West End (New West End Company), Piccadilly/Leicester Square (Heart of London Business Alliance), Bankside (Better Bankside) and Paddington (Paddington BID).

For more information about BIDs in Lambeth please visit the Lambeth website:

http://www.lambeth.gov.uk/Services/Business/BusinessSupportDevelopment/BusinessInvestmentDevelopment/BusinessImprovementDistricts.htm

 Notes to Editors:

• The legislation to create Business Improvement Districts (BIDs) was approved in 2004. They are companies owned and led by employers in a specific area. They need a ballot of employers in order to be established. Their core funding comes from a ‘levy’ on the occupiers of all eligible rateable properties. All services offered by a BID must be extra to those provided by statutory agencies.

The BID supporting research for Streatham was funded through Outer London Round 1, a  Mayor of London Project supported for Design for London

 

 

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