Plans to reshape Oxford Street into a mixed-use retail and leisure destination will take a step forward today when the Mayor of London Sit Sadiq Khan will convene the inaugural meeting of a new development corporation tasked with driving investment and physical transformation along the West End’s flagship thoroughfare.
The Oxford Street Development Corporation (OSDC), formally established at the start of this month following government legislation, will oversee regeneration plans that include large-scale public realm upgrades, extensive pedestrianisation and the repositioning of the district to attract new occupiers and development capital.
The move comes as landlords report accelerating leasing momentum after several years of post-pandemic vacancy and short-term lets.
According to recent market data, retailers are racing to secure space ahead of anticipated improvement works, with Savills forecasting a record number of store launches by the end of 2026.
PROPERTY REINVESTMENT
Investor interest has been buoyed by expectations that a clearer planning and delivery structure – via the OSDC – will help unlock stalled schemes and support asset repositioning.
Pedestrianisation proposals, currently out for consultation until mid-January, are expected to be a catalyst for property reinvestment along and around the street, with scope for higher-value mixed-use redevelopment on secondary frontages.
Backers argue that reduced vehicle access, widened pavements and new event space will increase dwell time and improve rental resilience in a part of the market that has faced intense competition from online retail and newer shopping centres.
EXPERT BOARD
The board assembled by Sadiq Khan blends experience from real estate, infrastructure and destination development. Members include former Canary Wharf senior executive Howard Dawber, property and leisure veteran Keith Edelman and retail specialist Scott Parsons, appointed chair in November.
Nabeel Khan, formerly of Lambeth Council and delivery vehicle Be First, has been named chief executive, bringing a track record in large regeneration projects and affordable housing delivery.
Local authorities Westminster and Camden are represented on the board, alongside plans for a non-voting seat for the New West End Company, whose business members are expected to fund and support elements of the public realm programme.
PROPERTY-LED RENEWAL
The OSDC is due to meet again in February to refine priorities, including sequencing of works, land assembly issues and private-sector partnership structures. Supporters say the corporation model should provide the long-term governance needed to turn Oxford Street’s recovery into sustained property-led renewal, while critics will watch closely for impacts on traffic displacement and trading during construction.
The Mayor of London Sir Sadiq Khan (main picture) says: “Today’s meeting is a major milestone in our work to revitalise the nation’s high street and create a truly world-class leisure destination.
“Bringing the diverse knowledge and insight of our new Board members together with Nabeel Khan’s regeneration expertise will help us to unlock Oxford Street’s true potential, as we continue building a better and more prosperous London for everyone.”
