Mayor of London reveals first projects to benefit from Strategic Investment Fund
Ideas to regenerate the West End and to provide more affordable workspace in the capital are set to benefit from a £112m investment fund.
The Mayor of London today announced the first tranche of projects to benefit from the Strategic Investment Fund – generated from growing business rate receipts.
Sadiq Khan’s own Good Growth Fund will net £5m, supporting projects like the regeneration of Plumstead High Street and improvements to the Undercroft skate park at the South Bank Centre.
With £1.16m, Second Floor Studios in Deptford will aim to provide affordable workspaces for artists including 80 studios, while Studio Voltaire in Clapham will offer 7,900 square feet of workspace and an incubator programme for artists.
Another £50,000 will fund a study into the challenges facing London’s West End, with the mayor and Westminster City Council working together to spot opportunities for growth.
That comes after City PM revealed that a mix of tight visa restrictions and uncertainty around EU migration rules have made it harder for businesses in the area to hire foreign workers.
”This is a clear example of how devolution can have a positive direct impact on Londoners’ lives, by creating jobs and driving economic growth,” said Khan. “By developing projects which work closely with local communities we can engage Londoners in shaping the future of their city.”
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Chair of London Councils, councillor Peter John, added: “This is a fantastic example of London government working together to secure a deal on behalf of our city that will in the make a difference to hard-working Londoners.
“We look forward to announcing further targeted investments in the coming months to ensure the business rates funding we receive delivers strategic benefits to London’s business community.”
A total of £90m from the fund will be invested in various projects over this year.