Business Improvement Districts (BIDs)
Waterloo Quarter Business Alliance (WQBA) has become Lambeth's first Business Improvement District (BID) after achieving 74% in favour by number of those voting and 92% in favour by rateable value of those voting. The target on both counts for the BID to be approved was 50%; the rateable value percentage in favour is the second highest result in the country.
The WQBA BID covers the area to the south and east of Waterloo railway station and the viaduct. This area covers 32 streets, including Kennington Road, Lower Marsh and Westminster Bridge Road. It will operate for five years and draw in £1.4m of additional funding to be spent on the activities voted on in the BID business plan.
As a BID, WQBA will be able to work on projects that will regenerate the area and help Waterloo become a thriving economic district.
A nine-month face-to-face consultation with many local businesses was completed by WQBA to inform its business plan proposal. Based on this, there are four aspirations that WQBA will respond to as a BID:
- To act as a collective voice and provide a focus for individual business issues
- To make the area a more pleasant and safer place
- To make the area more prosperous
- To make the area better connected by arguing for appropriate investment in its public infrastructure.
WQBA has already undertaken a number of projects to date as a pilot BID:
- Radiolink scheme
- Environmental improvements to Emma Cons Gardens and a major graffiti removal exercise
- Retail Strategy Study for the shopping district and a Street Market Management Study
- Christmas lights and hanging baskets around Waterloo.
Please see our frequently asked questions for further information on Business Improvement Districts and the Waterloo BID.