4 Oxford Street Programme – Oxford Street Scheme Stage 3 PDF 3 MB
To approve the development of a Stage 3 (detailed) design for the Oxford Street project.
Additional documents:
Decision:
Cabinet approved the option to proceed to Stage 3 design on the basis set out in the report in the knowledge that the remaining funding is yet to be formally confirmed.
Cabinet also approved spend of £3.845m to progress the Stage 3 design.
Reasons for Decision: The Stage 2 design for Oxford Street is complete and the finalisation of design is required in advance of pre-mobilisation and construction. A decision is required on how to progress the Oxford Street project.
Implementation Date: 5pm 22/7/24
Minutes:
The Chair introduced the item and invited Councillor Barraclough and Manisha Patel to introduce the report, followed by Paul Williams and Dee Corsi from the New West End Company.
Councillor Barraclough set out the stage the Oxford Street project is at and set the project in the wider context of the Council’s commitment to investing in High Streets.
Councillor Barraclough confirmed that the proposition to invest further in Oxford Street was for the benefit of Westminster and for the country as a whole.
Manisha Patel set out the overall progress of the project, noting that Stage 2 design was completed in March 2024, enabling the proposals in the report to progress to Stage 3 design. Stage 3 design is the final design stage before the programme will move to pre-construction.
Manisha Patel detailed that there are three options in the paper, with the recommendation being to progress to Stage 3 design and approve draw down of the funding to proceed. It was also noted that future Cabinet approval will be required and sought to approve a Section 278 agreement to receive private sector funding for the delivery of the project.
Dee Corsi and Paul Williams set out the New West End Company’s commitment to the project as well as that of businesses, including property owners. This included acknowledgement of the financial commitment required from the private sector to deliver this vital project.
Cllr Hug asked for further detail on the financial agreements and position of the private sector contributions. Paul Williams set out that extensive engagement had been ongoing with contributors and final documentation is being put together.
RESOLVED: Cabinet approved the following recommendations:
Approve the option to proceed to Stage 3 design on the basis set out in the report in the knowledge that the remaining funding is yet to be formally confirmed.
Approved spend of £3.845m to progress the Stage 3 design.