New West End Company has created proposals to establish a Property Owner Business Improvement District in London’s West End.Over the past ten years New West End Company has been promoting, managing and influencing the success of the world’s top shopping destination. This work has delivered substantive results to improve and enhance the retail trading environment of London’s retail heartland. This includes provision of Welcome Ambassadors, additional cleansing, marketing, promotions, Christmas lights, lobbying on issues such as Chinese Visas and Sunday trading and other strategic and Public realm improvements.

Currently the business represents 350 hereditaments centred round Bond Street, Oxford Street and Regent Street.

Over the next five years their pledge is to make the West End’s retail heartland the world’s number one choice for real estate investors, retailers and shoppers.

An influential business voice: To be a leading West End business voice representing retail real estate interests locally, in London and nationally to shape policy, secure greater funding, increase turnover and encourage business investment.

Sustainable placemaking: In the short and long-term, to be a catalyst for change and to secure funding for environmental and streetscape improvements. Working with the West End Partnership, Westminster City Council and Transport for London to deliver a number of schemes in the area, maximising the benefits of Crossrail by boosting values, increasing consumer spend and future-proofing our economic position.

Global profile & position: To provide a robust destination marketing response to global and local competition by raising the West End’s retail profile to attract greater spend and a unique retail mix, through above and below the line campaigns, global events and promotions.

GOVERNANCEThe Company New West End Company is a company limited by guarantee. It has British BIDs Advanced Accreditation status, the highest standard achievable.

New West End Company is the BID proposer for the Property Owner BID and is the legal entity that, assuming a successful ballot, will run the activities of the Property Owner BID for the designated BID area. The BID will be governed by New West End Company and, in keeping with regulations, will have a separate budget accountability and business plan.

Financial ManagementThe financial arrangements will continue to be monitored through the Operating Agreement in place between New West End Company Ltd and Westminster City Council.

THE BOARD The New West End Company Board will meet quarterly and drive the longer-term ambitions of the company, as well as performing the corporate governance role setting the strategy, overseeing the budget and monitoring performance.

The high level Board will consist of a maximum of 15 Directors including the Chairman. Those attending in an ‘observer’ capacity could include representatives from Westminster City Council, Transport for London and the Mayor’s Office.

The Property Group The Property Group will report to the Main Board. The Group will meet quarterly and will oversee the delivery and measurement of the Property Owner BID Business Plan. The Property Group will consist of a maximum of nine members made up of liable property owner BID members.

Managed by the Property Group Chair, attendance will be open to other main Board Directors, advisors, specialists and relevant project partners, as appropriate for each meeting. The Chair of the Property Group will be a Director on the Main Board.

A Property Owner BID (PO BID) will be established if a number of qualifying hereditaments of Property Owners in a given geographical area, who are eligible to vote on a PO BID Proposal, vote in its favour.

The ballot needs to satisfy two tests. It needs to achieve a majority in number of those hereditaments and a majority in proportion of Rateable Value of hereditaments voting. The PO BID levy can only come into effect if both these tests are met. The PO BID levy is then applicable to all eligible Property Owners.

All eligible Property Owners will be entitled to one vote per hereditament. Some Property Owners with more than one hereditament within the area will, therefore, be entitled to more than one vote.

SUMMARY OF THE PROPOSED BID ARRANGEMENTS FOR: –

PROPERTY OWNER BID 2015/2020 – Bond Street, Oxford Street & Regent StreetInformation supplied by Westminster City Council

NWEC_BID_15-20_2pp_201015.indd 1 28/10/2015 14:26

The voting procedure You will have the opportunity to vote on the Business Proposal from 18 November 2015. To ensure transparency and due diligence, the BID ballot will be administered by the City of Westminster Returning Officer and their Electoral Services staff. It will be organised in line with the rules set out in the Property Owner BID regulations (December 2014) approved by Parliament.

Your ballot paper will reach you by post on or before Friday 20 November 2015.

You will need to cast and return your postal vote by 5pm on Thursday 17 December 2015.

The results will be announced on Friday 18 December 2015.

On a successful ballot, the BID will become operational on Friday 1 January 2016.

BID LEVY RULES The BID process is governed by Government legislation and regulations. As such, once a majority vote has been achieved, the BID levy becomes mandatory on all eligible property owners.

The eligible owner shall be:

The first lessee above the rateable occupier where the current lease is granted for a term of more than 35 years, or in the absence of a relevant first lessee, the freeholder.

If the relevant owner is part of the same group of companies (as defined in s474 of the Companies Act 2006) as the occupier BID levy payer for any rateable hereditament, then the Property Owner BID levy shall be charged at 0.5% of the Rateable Value using the 2010 rating list as at 1 April 2015 for that relevant interest.

The rules for the BID levy are as follows:

The BID term will be five years from 1 January 2016 to 31 December 2020. In the event of the Occupier BID ceasing to exist, the Property Owner BID will be brought to an end.

The BID levy will be applied to rated properties in the BID with a rateable value of £250,000 or more.

The BID levy will be fixed at 1% of Rateable Value using the 2010 rating list as at 1 April 2015 – which will increase in April 2017 rising annually by 3%, i.e. April 17: 1.03%, April 18: 1.06%, April 19: 1.09%, April 20 1.12%.

New West End CompanyMorley House, 320 Regent Street, London W1B 3BET 020 7462 0680E jace.tyrrell@newwestend.comwww.newwestend.com/property

Air Street (in part)

Argyll Street

Barrett Street

Bird Street

Bond Street

Brewer Street (in part)

Brook Street (in part)

Brown Hart Gardens

Duke Street (in part)

Gees Court

Glasshouse Street (in part)

Great Marlborough Street (in part)

Heddon Street

Lancashire Court

Langham Place

Market Place

North Audley Street

Oxford Street

Portland Place (in part)

Regent Street

Savile Row

Sherwood Street

South Molton Street

St. Christopher’s Place

Swallow Street

DISTRICT MAP The 25 streets in the BID area, acknowledged as London’s retail heartland, are anchored by Bond Street, Oxford Street and Regent Street.

All of the following streets will be included, in full or in part, in the New West End Company Property Owner BID:

The BID levy for owner-occupiers specifically will be charged at 0.5% of Rateable Value using the 2010 rating list as at 1 April 2015 – which will increase in April 2017 rising annually by 3%, i.e. April 17: 0.515%, April 18: 0.53%, April 19: 0.545%, April 20 0.56%.

The BID levy will only apply to retail, food and beverage and leisure hereditaments (including hotels).

The liability for the daily BID levy will fall on the eligible property owner.

New hereditaments will be charged based on the rateable value at the point of occupation.

There will be no VAT charged on the BID levy.

The BID levy will not be increased other than as specified in the BID levy rules.

The BID levy rules cannot be altered without an alteration ballot.

Refunds will be at the discretion of the BID.

The BID levy is to be paid in full within 14 days of receipt of invoice.

The eligible Property Owner BID levy payer should not pass the levy onto the eligible Occupier BID levy payer.

NWEC_BID_15-20_2pp_201015.indd 2 28/10/2015 14:26