The long-awaited transformation of Oxford Street took a significant step forward this week as the body created to oversee its regeneration held its inaugural meeting.
The Oxford Street Development Corporation (OSDC) convened at City Hall on Wednesday, 7 January 2026, marking a pivotal moment in Mayor Sadiq Khan's plans to pedestrianise the world-famous shopping street.
Key Appointments and Financial Framework Approved
During the meeting, the board approved its foundational framework and a draft budget. It also confirmed senior appointments, including the new chief executive. Nabeel Khan has been appointed to lead the OSDC, bringing experience from Lambeth Council and a role as a non-executive director at regeneration company Be First.
The interim chief executive is Phil Graham, the Greater London Authority's Executive Director of Good Growth. The Chair, appointed in November 2025, is retail expert Scott Parsons, known for his work with Westfield and Landsec.
The board also signed off on a members' allowance scheme. The Chair will receive £30,000 per year, with board members getting £14,000. Additional responsibility allowances can increase these amounts, with caps set at £40,000 for the Chair and £24,000 for members.
Budget Details and Project Funding
Specific details of the OSDC's budget for 2026-27 are currently confidential, with discussions held in private session. However, it is known that the Mayor invested £4.7 million from the 2025/26 budget into the project, with a further £3.3 million allocated by Transport for London.
A final budget is scheduled for approval in March 2026. Agenda papers noted a moderate risk of insufficient funding for the public realm and transport changes, with concerns about attracting commercial partners. The OSDC is developing a commercial strategy to reduce reliance on GLA funding and engage private investors.
Board Composition and Next Steps
The Mayor's appointments to the board include representation from the local authorities affected. Council Leaders Richard Olszewski (Camden) and Adam Hug (Westminster) will sit on the board, alongside senior officers from Westminster City Council.
The business improvement body, the New West End Company, has been granted non-voting rights, with its Chief Executive Dee Corsi nominated for the role.
The OSDC, which became a legal entity on 1 January 2026, is the third Mayoral Development Corporation in London, following the models of the London Legacy Development Corporation and the Old Oak and Park Royal Development Corporation.
The corporation currently operates with 10 staff seconded from the GLA, but plans to expand its workforce to around 40 people. It aims to establish a Planning Committee by April 2026 and an audit and risk committee.
The board is set to meet again in mid-February 2026. The ambitious timeline aims to approve the final budget in March and begin blocking traffic on Oxford Street by the summer. A public consultation on the pedestrianisation designs remains open until 16 January 2026.
