A £2.5 million investment plan to champion Hatton Garden businesses will be published for the first time this week, with ambitions to enhance the area’s iconic status and harness commercial opportunities including Crossrail.
The aim of the Business Improvement District (BID) is to see Hatton Garden grow as a world-renowned business and visitor destination through amplifying the revitalisation of the area, enhancing its iconic status as London’s famous jewellery quarter and developing the experience of working, living, doing business and visiting the area.
The Hatton Garden BID is publishing its business plan ahead of the ballot of local businesses this summer. If a majority of businesses support the proposals, then the BID will go ahead this October and run for a first term of 4.5 years.
Gary Williams, chair of the Hatton Garden BID said: “I am proud of Hatton Garden’s jewellery heritage but equally proud of how the area is evolving and the diverse mix of businesses the area is attracting.
“There are significant opportunities on the horizon but also challenges – partly driven by the rapid change we are seeing locally, but also as a result of rising competition from areas across London. Through the BID the business community will have a stronger and more influential voice to develop and shape the Hatton Garden agenda.”
The Hatton Garden BID proposal is the product of substantial engagement with businesses. During January and February 2016 a consultation exercise was undertaken with the local business community. Views and ideas were gathered on the principle of a BID for Hatton Garden and the sorts of projects and services a BID would focus on.
Some of the projects proposed to improve the look and feel of the Hatton Garden area are new street furniture such as planters, seating and lighting, improved signage and air quality initiatives.
Networking opportunities, mentoring and training programmes and projects to showcase the creativity and skills within Hatton Garden are proposed to support businesses, protect the jewellery sector and to position the area as a creative hub. Joint procurement programmes are also proposed to save money for businesses in the area.
An important area of focus for the BID will be on giving the business community a voice on crucial issues such as Crossrail, which will have a significant impact on Hatton Garden when services start in 2018.
Also proposed in the business plan is a high profile PR campaign, marketing materials, local cultural events and projects to promote the character and vibrancy to the area.
Gary Williams, added: “The BID offers local stakeholders an outstanding opportunity to invest in a better future, enabling all sectors to benefit from the improvements and the predicted commercial growth of the Hatton Garden area. I would encourage all to seize this fantastic opportunity.”
The BID will be funded by the local business community via a small levy determined by the ratable value (RV) of eligible businesses – in Hatton Garden this will be 1% of the RV of their business unit.
There are over 50 BIDs now in London with businesses in nearby Farringdon and Clerkenwell being the most recent to establish a BID with overwhelming support from local organisations.