The City of London is approximately one square mile in the historic centre of the city. It is home to the stock exchange and the Bank of England.
This area is the oldest part of London and has the oldest continuously elected local government. It is also the only local authority in the UK where, along with residents, businesses can vote in local elections.
The square mile (as it is often referred to) also has its own police force and street cleaning services: The City of London Police and Street Environment Officers.
The City of London wants to attract smaller businesses to the area and has begun insisting that developers include subsidised desk spaces for SMEs.
New developments have tended to focus on larger spaces which
The district has also suffered from getting the image of somewhere that is out of date and stuffy. While corporations have fitted in easily, smaller, more modern companies have not. The city is hoping to change this image and refresh the square mile.
Along with a move to get more small businesses in the city, is an attempt to get better broadband as this has been a problem and can be a deterrent to new tech businesses.
Investment in the City, though, did go up in 2018 and it is set to continue to rise throughout the year.
Property Spotlight: The Ned
The Midland Bank Building has been reinvented after standing empty for the last ten years. Built in 1924, the building was designed by architect Sir Edwin ‘Ned’ Lutyens and has now been bought by the founder of Soho House & Co and the CEO of New York’s Sydell group.
The Ned is a members-only club with various options for accommodation and several bars and restaurants that are open 24 hours.
The location was ideal, not only because of the monumental building but also because the area is a progressing business district that, currently, does not have a lot of competition in the way of hotels. This is bound, however, to begin changing as businesses such as The Ned open up.
Is this area for you?
This part of London has usually attracted larger corporations and bigger businesses that can afford the office space and property in the area.
Traditionally, banks have been located in the City of London, although there are several other companies that have moved there in more recent years.
These newer arrivals include Amazon and Deliveroo headquarters suggesting that there is the potential for more tech-based companies to set up shop in the City of London.
If you are a smaller business, it might be worth cashing in on the subsidised desk space that the City of London is insisting on and make yourself part of the changing face of the area.
Shops and bars are also moving into the borough. This is shifting it from being a ghost town after office hours as it once was and, instead, late night members clubs and restaurants are creating the beginnings of a weekend and nighttime buzz in the city.
This is pointing to a much livelier atmosphere which could be ideal for a retail or hospitality business that will want the possibility of increased customers in the future.