Transformation of the One-Mile Square Region

Transformation of the One-Mile Square Region

The Transformation of the City of London: A New Era of Tourism

The City of London, traditionally known as the country's financial center, is undergoing a significant transformation, becoming an increasingly popular tourist destination. One of the key catalysts for this change is the arrival of The Ned, a vibrant hospitality hub that has revitalised a historic landmark and injected weekend leisure and hospitality culture into the area.

Launched in 2017, The Ned occupies the former Midland Bank building, a Grade I listed structure that had been derelict for a decade. The restoration of this iconic building has preserved historical architecture while adapting it for a modern, luxurious hospitality experience, making it a tourist draw in itself.

Unlike many City establishments, The Ned operates every day, actively encouraging weekend visitors. This has fundamentally changed patterns of city center activity, helping turn the City into more than just a weekday financial hub. The venue serves around 25,000 people weekly, including a popular Sunday lunch with a six-week waiting list. It delivers a high-spending gastronomic experience that attracts tourists and locals alike, contributing directly to tourism and hospitality revenue.

The success of The Ned has led to an increase in hoteliers emulating its model in the Square Mile. Over the past decade, there have been 23 applications to build hotels in the City of London, many involving the conversion of old office blocks into hotels for tourists and executives. The planning applications often involve a change of use from Class B1 (business) to Class C1 (hotels).

The surge in hotel construction in the Square Mile suggests a shift in the area's purpose and identity. Ten years ago, a walk through the City of London on a Sunday was akin to the opening scene of the film "28 Days Later". Today, a walk through the city results in encounters with hotel staff offering services. The acceleration of hotel development is a significant change in the area's urban landscape, indicating that the Square Mile is transforming into a tourist destination.

The increase in hotel construction may signal a growing interest in the Square Mile as a tourist destination. The transformation of the City of London's Sunday atmosphere is attributed to The Ned. Its comprehensive hospitality offering, which includes 250 bedrooms, multiple bars and restaurants, and event spaces, makes it a multi-functional venue that serves tourists, business travelers, and locals, thus enriching the City's accommodation and leisure inventory.

According to The Ned’s leadership, their success has encouraged other hospitality businesses to stay or establish themselves in the City, amplifying the area's appeal as a visitor destination beyond just finance. Taken together, The Ned has not only drawn tourists with its historical allure and extensive hospitality offerings but also contributed to changing the City of London's identity by injecting weekend leisure and hospitality culture. This has supported the City’s emergence as a viable and attractive tourist destination, complementing other landmarks and attractions nearby.

It is speculated that a rural outpost of The Ned might have a similar effect on its location. The trend of building hotels in the City of London indicates that the Square Mile is increasingly becoming a place designed for activities beyond the traditional nine-to-five workday.

[1] The Times, "The Ned: A Game Changer for the City of London", 2017. [2] Evening Standard, "The Success of The Ned Sparks a Hotel Boom in the City", 2018. [3] The Guardian, "The Revival of the City's Weekends: How The Ned is Changing the Landscape", 2019.

1. The success of The Ned, a high-end hospitality hub in the City of London, has inspired a shift in the urban landscape by attracting travelers and contributing to the region's transformation from a solely financial center to a lifestyle and business destination.
2. Beyond its historic charm, The Ned offers a comprehensive experience that includes a variety of restaurants, bars, and event spaces, catering not only to business travelers but also to locals and tourists, thereby fostering a broader finance, lifestyle, and home-and-garden industry blend.
3. As more hoteliers take note of the city's transformation and follow The Ned's example, the Square Mile may witness the emergence of a new wave of hospitality ventures, further bolstering its appeal across finance, travel, and leisure industries.

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