Ahead of the May 2024 elections, London Property Alliance (LPA) has published a Mayoral Manifesto calling on the successful candidate to utilise their powers over planning, economic development and transport to bolster central London’s potential for growth and drive employment.
A more flexible approach to development is needed to unleash economic potential across the Central Activities Zone (CAZ+), an area that covers just 2.2% of Greater London’s landmass yet accounts for almost half (48%) of London’s annual economic output (GVA), supports 41% of total jobs and is home to 65% of all office floorspace within the city.
On behalf of WPA and CPA members, the Alliance says that the successful candidate should also address infrastructure funding challenges, including securing a long-term funding package for TfL, and deliver a clear vision to make London a global science superpower.
Charles Begley, Chief Executive, London Property Alliance, 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.”
The LPA is calling on the next Mayor to:
- Introduce a new flexible approach to planning in central London – Forthcoming research by Arup for the LPA shows that adopting a planning approach that balances heritage and sustainability with economic factors and the need to drive growth could enable 40.7m sq ft of additional office space, 4.7m sq ft of retail space and 6.5m sq ft of hotel accommodation to be delivered in this area over the next two decades, supporting 407,000 jobs.
- Secure long-term funding for TfL – A long-term funding package is needed to ensure that the TfL network is equipped to handle increasing passenger numbers and support the return of more workers and visitors to central London.
- Address infrastructure funding challenges – Securing a lasting and stable fiscal devolution deal with the next national government would create stronger incentives for economic growth and help provide the resources needed for further infrastructure investment.
- Ensure London fulfils its potential as a science superpower – A new strategic vision to support the growth of the life sciences sector is needed to establish the capital as a leading global centre for research and innovation and address the existing planning bottleneck for lab space.
