The London Property Alliance (LPA) has called on the next mayor of London to introduce a new flexible approach to planning in Central London to “unleash growth” and create more than 400,000 new jobs.
The alliance argues that a more flexible approach to development is needed across the capital’s ‘central activities zone’ – an area that spans most of Westminster, the City of London plus Canary Wharf and its neighbouring districts. It cites new analysis from Arup showing that a planning approach that balances heritage and sustainability could enable the delivery of 40.7m sq ft of additional workspace, 4.7m sq ft of new retail and 6.5m sq ft of hotel accommodation in the area over the next two decades. This additional space could support up to 407,200 new jobs.
The LPA also wants the new mayor to secure a long-term funding package for TfL to ensure the network can handle increasing passenger numbers, address the capital’s infrastructure funding challenges and ensure London fulfils its potential as a science superpower. On the latter point, the alliance is calling on intervention from the next mayor of London to address the planning bottleneck with 2.6m sq ft of lab space in the capital currently awaiting a planning decision.
Charles Begley, chief executive of the London Property Alliance, which represents real estate developers and investors in London, said: “This mayoral election comes at a critical moment as we need to jumpstart the economy and ensure London retains its position as a leading global city amid fierce competition to attract world-class businesses and talent.
“There is a huge opportunity to unleash growth in central London by adopting a more flexible and balanced approach to planning. This would accelerate the delivery of the modern, sustainable office and research space demanded by leading businesses and their employees – as well as unlocking billions of pounds in developer contributions to help address the generational challenges we face around affordable housing and sustainability.
“More broadly, we must look properly at how we fund infrastructure after the government’s decision to shelve the HS2 terminal at Euston and de-prioritise other major projects. The capital should be leading the way in establishing a new model for devolution that can be replicated across the country, and if we are serious about attracting more visitors and workers back to central London we need to secure a sustainable funding package for TfL instead of relying on short-term sticking plasters.”
