City Business Improvement Districts and business partnerships
What is a Business Improvement District (BID)?
A Business Improvement District (BID) is a business-led and business-funded body, created through a ballot process, to provide mutually-agreed improvements to a defined area in which a levy is charged on all business rate payers based on their rateable value.
The BID is funded through this levy but can also utilise other public and private funding streams to develop projects that are intended to provide additional services or improvements to the local area over and above the services already provided by the local authority.
City of London Business Improvement Districts (BIDs)
The City Corporation is the BID Proposer and BID Body for the four established BIDs in the City. The Partnerships and Engagement team works closely with each of the BIDs to support ongoing regeneration of their areas.
The Aldgate Partnership was established in 2014 under the steerage of the City Property Advisory Team to maximise the economic benefit and regeneration for the new and flourishing Aldgate community. In April 2020, the partnership became the City’s latest business improvement district under the new name – Aldgate Connect. The Partnership’s key areas of focus include: destination marketing, crime prevention, business safety, corporate social responsibility (CSR) and enhancing public spaces.
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The Cheapside Business Alliance (CBA) is the City’s first Business Improvement District, developed by the City Property Advisory Team in 2015 to make Cheapside one of London’s leading retail and business locations. Guided by the local business community, the CBA focusses on environmental and corporate social responsibility projects, business networking, large-scale public events and marketing and tourism. The Cheapside Business Alliance has recently completed a successful re-ballot process and is now starting its second term from 2020-2025.
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The Fleet Street Quarter has been developed by the Partnerships and Engagement team working with businesses and landowners in the area to provide a future vision for Fleet Street. The key priorities include enhancing the area’s retail and leisure offer, improving traffic congestion for pedestrians, developing a business community and developing a brand identity for Fleet Street.
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The Eastern City Partnership is undergoing massive change with eight million square feet of new floor space planned for an estimated 70,000 additional office workers over the next ten years. To maximise the benefits of this rapid development, a BID was established in March 2022. The Partnership is currently looking at security and resilience, transportation and pedestrian movement, freight consolidation, identity and branding and also diversification of the business base.
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City of London business partnerships
The Partnerships and Engagement team also work closely with both the City Property Association and the London Chamber of Commerce to promote property-related matters.
The City Property Association is an independent not-for-profit advocacy group. It brings together property owners, investors and professional advisors in the City of London in order to inform policy and drive the economic prosperity of the City as a diverse and dynamic business district.
The CPA partners with the City of London Corporation to commission research, share market intelligence and represent their members’ interests in a collective voice.
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The London Chamber of Commerce (LCCI) is the capital's largest and most diverse networking and business support community. We champion London and represent the interests of London businesses, creating thousands of connections every year and offering our members a wide range of practical services.
Property and Construction is one of LCCI’s core sectors. We leverage our extensive network, expertise and Property and Construction Committee to address key issues affecting the industry and support business growth in the capital.
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