London's richest street will undergo a £20 million overhaul to compete with the major luxury shopping districts of New York, Paris and Hong Kong.
New and Old Bond Street will receive their biggest makeover in more than 30 years as part of the Bond Street Development Plan which is backed by landlords and tenants in the street as well as New West End Company, Westminster City Council and Transport for London.
The investment will include the redesigning of the street to allow widening of the pavements by 50 per cent to create a “luxury promenade” for shoppers who currently have to navigate narrow and often obstructed pathways.
It will also introduce two-way traffic on New Bond Street and Brook Street and the lanes on New Bond Street will be reduced from three to two. Investment will also be spent on better access for people from the new Crossrail station which will open at Hanover Square.
Beverley Aspinall, managing director of Bond Street Development Group, part of New West End Company, said: “Bond Street is one of the strongest luxury destinations in the world. This is demonstrated through an ever-increasing demand from luxury powerhouse brands to locate here.
Our plan will deliver significant commercial return as seen in other areas of London that have undergone a similar remodelling and investment over the last decade.
The new development initiative will also include new Yorkstone and granite paving, signs and lighting and areas for people to relax. The area around the sculpture of the ‘Churchill seat’ on the street will be re-landscaped to welcome more shoppers and new public art installations will be introduced.
A focus will be made on reducing the commercial traffic such as deliveries and a new innovative collection of rubbish will be drawn up to limit interruption during trading hours.
Toby Courtauld, chief executive of Great Portland Estates which owns land in the area, said: “Without a single vision, Bond Street has suffered from a lack of leadership and investment. Finally, a plan has been developed which brings together the authorities, property interests and brands into a comprehensive proposal that will see Bond Street return to its former glory.”Reuse content