Investing in high streets
High streets are diverse and flexible places. They adapt and change over time, as centres for retail, but also where people live, socialise, work, access services and watch life as it passes by. Our investment must support all of this and be tailored to unique local contexts.
Since 2011 we have invested £150 million to ensure our high streets improve and thrive through the Outer London Fund, Mayor’s Regeneration Fund, High Street Fund and the London Regeneration Fund. This investment is now benefiting over 100 high streets in London. We work in partnership with local authorities, residents, traders and organisations such as Business Improvement Districts (BIDs) and Traders & Residents Associations.
We have invested £26 million through the Good Growth Fund round 1 and 2 towards high streets and town centre improvements, with the idea of investing in the creation of new public assets, particularly those which develop new models of creating and capturing the value such as community shares or co-operative structures. Successful projects are supporting civic infrastructure and SMEs, creating affordable workspaces, funding public realm improvements and promoting local businesses, creativity and market opportunity. For example:
- London Borough of Camden received a £1.1 million award to undertake a co-design of the public realm on Queens Crescent High Street.
- in Croydon, we initially provided £50,000 of funding to assist the local town team and Croydon Council to develop a Community Plan in discussion with the people of South Norwood. The plan provides a set of proposals which intend to create a stronger local identity, reactivate empty units on the high streets, enhance existing community assets and strengthen existing community networks. The plan has helped the stakeholders to secure £1.1m of funding in round 2 of the Good Growth Fund, matched by £1.1m from Croydon Council, to deliver identified key projects.
The Good Growth Fund round 3 successful projects will be announced in March 2020.