The Oxford Street Development Corporation (OSDC) met at City Hall to approve a framework and draft budget. It also made appointments to senior roles and approved a members’ allowance scheme.
The OSDC is the name given to the new Mayoral Development Corporation (MDC) for Oxford Street. This is a statutory body set up by metro mayors in London to deliver large regeneration schemes.
Two already exist in London. The London Legacy Development Corporation (LLDC) for East London delivered the Olympic Park area while the Old Oak and Park Royal Development Corporation (OPDC) is leading changes brought about by the HS2 and Crossrail projects in West London.
The Mayor of London has worked with the Government to pass legislation establishing OSDC, following support from the London Assembly in July 2025. The body took effect on January 1 this year.
A separate consultation on the designs for pedestrianising Oxford Street is running until January 16.
The Local Democracy Reporting Service (LDRS) watched the meeting. Here are the five things we learned:
Sadiq Khan appoints industry titans to top positions
Sadiq Khan has appointed Nabeel Khan as chief executive of the OSDC. Khan recently worked for Lambeth Council, leading the Growth and Environment department and its kerbside strategy.
He was a non-executive director at Be First, an urban regeneration company that delivered more than 1,000 affordable homes in East London. The company is a wholly owned, independently run arm of Barking and Dagenham Council.
Khan supported the delivery of the UK’s first multi-storey light-industrial workspace, Industria. He is expected to take up the post in the weeks ahead. Meanwhile, the interim chief executive is Phil Graham, Executive Director of Good Growth at the Greater London Authority (GLA).
In November, the Mayor appointed retail veteran Scott Parsons as OSDC Chair. Parsons has led major projects in London including guiding Westfield through the challenges of Covid, managing Landsec’s property development portfolio, and supporting businesses as a non-executive director for the New West End Company.
Board members can claim expenses and the chair receives £30k in allowances
Each financial year board members will receive a basic allowance of £14k while chair will get £30k, according to agenda papers.
The chair can also claim an additional £4k in “responsibility allowance” while other members can claim an extra £2k per year. The OSDC will also establish a Planning Committee, pending parliament’s approval, and sitting members are eligible for £6k-a-year allowance. The committee’s chair will receive £16k. All will be able to receive an additional allowance.
According to agenda papers, these figures are in line with pay levels for other MDCs in London. Meanwhile, no board member can claim more than £24k in expenses in any one financial year. The chair cannot claim more than £40k.
According to the OSDC’s expenses and benefits framework, staff will have access to some of the benefits being offered to GLA staff. Graham said during Wednesday’s meeting these were “completely standard” policies for City Hall and MDCs.
OSDC staff and board members will be able to claim:
- The full cost of eye tests up to the NHS standard eye test charge, which at the time of writing was £21.71
- £80 for glasses if they are needed to use computer screens, laptops and other electronic devices. This must be supported by a letter from an optician
- Full cost of a flu vaccine privately administered, up to a maximum of £15
- One subscription per person to a professional body where this directly benefits the organisation as well as the individual
- Tax-free staff loans up to £10k which is deducted directly from salaries across an 11-month period for season tickets, tenancy loans, bike loans, annual gym membership, childcare, fees in respect of an application for the right to live and work in the UK
- Travel on public transport and late night taxi rides where public transport isn’t available. Public transport must always be prioritised over other means and all trips must be work-related
- Business class flights for journeys over six hours. Members can claim business class for shorter journeys if there is “a sound business or health-related reason”. This must be approved by an authorising officer
- Hotel accommodation based on “value for money” and breakfast and lunch associated with a stay in the UK of up to £40
OSDC board and staff members do not have access to the GLA’s staff pension scheme or non-monetary benefits.
The board is responsible for determining the OSDC’s expenses and benefits scheme. Any changes must be approved by the board. If changes are made to the rates and eligibility requirements for staff and member travel and other allowances then this will require the Mayor’s approval.
Approval must be sought, wherever possible in advance, for incurring expenses and an automatic right of approval should not be assumed, according to the document. Any claims made outside of this framework must be approved by the Director of Finance and Corporate Operations.
Expenses will be routinely monitored by the Director of Finance and Corporate Operations. These rules are based on those used by the GLA and other MDCs but have been “adapted to reflect the requirements of OSDC”.
Budget details remain under wraps
Details about the OSDC’s budget will remain under wraps for the meantime. According to documents, discussions around the 2026-27 draft budget will be held behind closed doors due to its ‘confidential nature’. This is because the information concerns the financial or business affairs of the authority, which is exempt by the Local Government Act 1972.
Last year, the Mayor invested £4.7m of the 2025/26 budget to the project. Any outstanding funds will be moved into the coming budget. Another £3.3m was allocated by Transport for London. A final budget is set to be approved in March 2026.
Agenda papers show there is a moderate risk the project will have insufficient funding to meet the costs of public realm and transport changes. There are also some concerns about a lack of interest from commercial partners and lacklustre fundraising.
These are being mitigated through the development of a commercial strategy to reduce reliance on GLA funding and identifying “cost-effective” routes to deliver the project. It is also carrying out early engagement with businesses and organisations and is developing offers that will make a partnership with the OSDC more attractive to private investors.
The OSDC is also holding a behind-closed-door meeting on its shared services agreement and GLA contracts proposed to be transferred to the new body.
Business bodies get non-voting rights and London councils are represented
The board greenlit the Mayor’s proposal to hand the New West End Company, a business improvement body, non-voting rights. The organisation has nominated Chief Executive Dee Corsi for the role. Elliott Ball, GLA’s group finance and performance director will sit on the board as an observer.
The Mayor has appointed OSDC Board members to represent the relevant local authorities, including Council Leaders Richard Olszewski for Camden Council and Adam Hug for Westminster City Council.
Mr Khan has also appointed Stuart Love, chief executive of Westminster City Council and Manisha Patel, Westminster City’s director of strategic projects.
Other board members include:
- Dr Margaret Casely-Hayford CBE
- Howard Dawber OBE
- Es Devlin OBE
- Keith Edelman
- Emir Feisal
- Asma Khan
- Caroline Rush CBE
- Kate Willard OBE
The board will reconvene
The OSDC Board is expected to meet again at City Hall in mid February 2026. There are plans to approve the draft budget in March and block off traffic on Oxford Street by the summer. The OSDC will also need to bolster its workfoce.
The Corporation currently relies on 10 GLA staff to run. They will be transferred to the OSDC and the team is expected to expand to 40 people.
A planning committee is tipped to be created in April. There will also be an audit and risk committee. Sketches of the layout for Oxford Street will be presented to the board at a later date.
