Oxford Street will be overseen by a dedicated development body from the new year. The Oxford Street Development Corporation (OSDC) was created by Statutory Instrument made on 3 November 2025, laid before Parliament on 5 November 2025, and comes into force on 1 January 2026 under section 198 of the Localism Act 2011. The Order is signed by Miatta Fahnbulleh, Parliamentary Under-Secretary of State at the Ministry of Housing, Communities and Local Government, acting for the Secretary of State.

This move sets up the corporation and fixes the boundary-it covers Oxford Street and surrounding blocks across Westminster and Camden-using an official map held for inspection by appointment at 2 Marsham Street SW1P 4DF and City Hall, Kamal Chunchie Way E16 1ZE. Crucially, the Order does not transfer planning powers at this stage; a separate planning functions order would be required before the OSDC could determine planning applications.

For retailers and landlords, the signal is greater predictability. Oxford Street has struggled with fragmented decision-making and uneven public realm upgrades. A single delivery vehicle can align shopfront guidance, wayfinding, lighting, freight windows and maintenance schedules across borough lines, reducing the coordination cost for major refits and new openings.

Developers will read this as a pathway to clearer pre-application routes, consistent design codes and more predictable Section 106 and Community Infrastructure Levy positions. Once powers are confirmed, a corporation can also bring stronger land assembly tools-including compulsory purchase where justified-to progress sites held back by complex ownership patterns.

On the occupier side, the Elizabeth line has reshaped footfall at Tottenham Court Road and Bond Street. A coherent regeneration effort can turn that into dwell time and pricing resilience. For brands weighing a flagship refresh versus relocation within the district, the appeal is faster decisions and visible public realm programmes that support high-spec fit-outs.

Funding mechanics sit outside this instrument. In practice, mayoral development corporations tend to blend grant, retained business rates, developer contributions and land receipts to finance streets, utilities and amenities. Investors will look for an early capital plan, a three-year delivery programme and a clear pipeline of quick, visible improvements in 2026.

Timelines matter for confidence. Expect early appointments of a chair, board and chief executive, followed by a corporate plan and a regeneration framework for consultation. The near-term test will be whether cleaner frontages, improved crossings and better loading arrangements appear quickly while larger schemes move through design and procurement.

There are risks to manage. Without planning powers in place, the corporation could feel like an extra layer unless application triage between the boroughs and the OSDC is spelled out. Differences on height, heritage and night-time economy policies across Westminster and Camden will also need a single, negotiated position to avoid mixed messages to capital.

For occupiers and property owners, the practical to-do list starts now: map lease events through 2027, line up pre-application discussions, and sequence major fit-outs against the OSDC’s public realm timetable once published. Retailers should revisit capex for façades, accessibility and last‑mile logistics ahead of potential changes to kerbside and servicing rules.

The Order states that a full impact assessment has not been produced because no significant effects are foreseen at this stage. That reflects the narrow scope of an establishment instrument; the real economic effects will flow from subsequent powers, budgets and projects. Our view: if planning functions and early capital are confirmed promptly in 2026, Oxford Street’s investment case strengthens. If they drift, momentum stalls.