The arrival of the Elizabeth Line has played a major role in the transformation of the Central District Alliance Business Improvement District (CDA BID), which covers Bloomsbury, St Giles, Holborn, Farringdon and Clerkenwell, according to a new report.
The ‘Destination Holborn and Clerkenwell’ report says the area, which encompasses more than 1m sq ft of real estate, underpinning a projected £15.2bn of economic growth (GVA) and £1bn GDV per annum, has seen a wave of significant developments that are helping to restore listed buildings and replace tired assets thanks in part to the introduction of the new tube line.
The area’s improved connectivity has helped it to attract a diverse range of occupiers, from life sciences and technology businesses – with global biopharma giant GSK recently moving into The Earnshaw – through to the creative sectors, making it one of London’s most dynamic and versatile business hubs.
Alexander Jan, chair of the Central District Alliance, said: “This report demonstrates the extraordinary potential of the CDA area. The combination of heritage, innovation, sustainability and what must be the most accessible location in London, creates a unique proposition for investors, businesses, and visitors alike. Our goal is to ensure that this district continues to thrive and evolve and to work with Camden and Islington to ensure that local residents as well as all Londoners benefit from the opportunities real estate investment brings.”
Susan Freeman, chair of the CDA Property Group, added: “Central District Alliance is redefining what it means to be a truly connected London neighbourhood. As new businesses make their mark, joining firms such as Mishcon de Reya who have thrived in the area for decades, and investment flows into thoughtfully revitalised spaces, we’re creating an area that feels both welcoming and forward-looking.
“This report highlights the remarkable transformation taking shape in the CDA area, a vibrant, inclusive, and resilient community which sits at the heart of the city. Our area isn’t just a place on the map – our ambition is for it to become a benchmark for how heritage, sustainability and business can come together to shape a thriving community.”
Philip O’Ferrall, chief executive of Outernet Global, which operates the Outernet development on Tottenham Court Road (pictured), said: “The ethos of Outernet has always been that it should enhance and uplift the area in which it has been built. We wanted to create something in this historic place that was epic and game changing and at the same time fitted elegantly into the space.
“Denmark Street has seen long standing music stores continuing to trade and many new openings from Rough Trade to Roland. The whole area benefits from the huge footfall Outernet now enjoys and this careful link between the past and the present is what makes the development so special.”
