The mayor of London has called for property investment firms to engage in a business partnership scheme to regenerate the capital.
London mayor Boris Johnson has announced new plans to help London's delivery agency and Business Improvement Districts (Bids) work together on
commercial development projects.
Mr Johnson wants to promote a "dialogue of regeneration" across the capital, gathering
property investment and expertise from business partners, Property Week reports.
With public spending cuts underway, it is vital that business partnerships like Bids step in to fill the void left in the commercial development sector, the mayor reportedly told the Royal Society of Medicine.
The mayor told Property Week: "The Bids have been hugely helpful in pushing London forward as an internationally competitive city, helping to successfully fund projects as well.
"This delivery of projects works best when [Bids] work in co-operation with the private sector."
NB Real Estate recently published data which indicated that a lack of commercial development has led to a shortage of grade A office supply, which in turn is driving up rental values.
Posted by Tess Nelson
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