10 FEBRUARY 2023

Vacancy in Mayfair & Belgravia falls to just 0.8% at the year end

  • Grosvenor’s partnership approach attracts new signings and drives void rate at year end to 0.8%

  • New products to support occupiers continues, with pioneering digital lease platform

Vacancy in Grosvenor’s London portfolio in Mayfair and Belgravia fell to just 0.8% at the end of 2022 compared to a Q3 Prime West End average of 11.3% (Source – Savills) and UK average of 13.9% (Source – BRC). 

Over the last few years, Grosvenor has created a suite of innovative products and programmes to support the c500 retail and hospitality occupiers in its historic destinations including green leases, a Simplified Lease that takes just 72 hours to agree and a Tenant Investment Fund to directly finance growth. 

This has supported the success of its occupier partners post-pandemic and brought new brands to the portfolio. Over the last 12 months, 45 new brands have opened in Mayfair and Belgravia including Apricity, With Nothing Underneath and Mr Fogg’s Apothecary with 24 brands also choosing to renew their tenancies. Excluding strategic voids and units already under offer, vacancy at 31 December 2022 stood at just 0.8% across the portfolio.

In addition to new products, Grosvenor also executes a significant programme of activations to support the reputation of Mayfair and Belgravia as destinations. In June, the two-day Mayfair Jubilee Street Party saw footfall boosted by 12,000. Belgravia in Bloom and The Mayfair Maison a pop up boutique selling unique collection pieces were also key successes driving footfall and destination spend.

Joanna Lea, Director of Retail at Grosvenor commented: “Our goal is to make the selection of property partner as important to a brand as location and rent. We’re working to achieve this by acting as a business partner to brands rather than a passive provider of space. And it works - initiatives like the Tenant Investment Fund have been highly effective in building a new dialogue based on the idea of mutual success.” 

Launched in 2022, Grosvenor’s Simplified Lease removes the need for protracted legal negotiations in taking a store, allowing business to get trading faster. Adopted by brands including Balmain, Sook and GRIMM Gallery already, this has reduced the average time it takes to agree contracts from three to six months to just 72 hours.”

In Spring 2023, Grosvenor will launch a new digital platform that will make the Simplified Lease process even easier, centralising all information and automating certain functions to create further efficiencies.

Joanna Lea, added “We are very mindful of the outlook for 2023 and continue to look at ways of supporting occupier success. Reducing the time and cost involved in setting up shop is an issue that often arises for both smaller and larger business. Our Simplified Lease has made a vast improvement to this, with the new digital platform set to make it even easier, ultimately allowing occupiers to get in, up and running faster.”

About Grosvenor

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Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management and support for philanthropic initiatives.

We are a values-led business which represents the Grosvenor family and share a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.  

With a track record of over 340 years, we work to improve urban property and places in many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of customers and communities. 

Our UK property business supports c1,000 businesses and tens of thousands of residents and workers across London’s West End each day. We also invest in, create and manage sustainable neighbourhoods in Liverpool and across England. As a 1.5oC aligned company, pioneering change and new ways of thinking about property we aim to ensure our places benefit both people and the planet over the long term.

Rachel Garstang

Head of Corporate Communications & Stakeholder Engagement Grosvenor

+44 (0)20 7312 2341 ext.6957

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