• Occupancy reached 98% across Grosvenor’s London portfolio in 2025 with retail occupancy above 95%
• 96 retail and leisure leases completed covering 350,000+ sq. ft and generating £20.8m in rent 10.6% ahead of ERVs
• Footfall increased in both Mayfair and Belgravia compared with 2024

Grosvenor’s UK property business has seen strong demand across its retail, office and residential portfolio in Mayfair and Belgravia, with end-of-year occupancy for the estate in 2025 reaching 98%, reflecting sustained occupier confidence in its prime London destinations.

In 2025, 96 retail and leisure leases were completed across the estate, covering more than 350,000 sq. ft and generating £20.8m in rent, 10.6% ahead of ERVs. This activity contributed to year-end retail occupancy exceeding 95%.

Leasing performance was supported by a series of significant new food and beverage openings, alongside continued interest from luxury fashion and interiors brands. In Mayfair, new restaurant signings included the social media sensation, Crisp Pizza and critically acclaimed 74 Duke, strengthening the area’s dining offer and responding to growing demand for distinctive, experience-led destinations.

Grosvenor also welcomed several internationally recognised retail brands. JW Anderson’s decision to open its first interiors-led store on Pimlico Road reinforces the street’s position as the premier destination for high-end interiors and design, while Mount Street saw further additions, including New York–founded jewellery brand Foundrae choosing the street for its first destination in Europe, underlining its reputation as one of the world’s leading luxury retail destinations.

Mayfair and Belgravia’s ability to attract internationally renowned brands, new concepts and luxury boutiques reflects Grosvenor’s considered approach to place and asset management, complemented by a year-round programme of events and activations designed to drive footfall and reinforce destination identity. Together, these initiatives supported an increase in footfall of 7.1% in Mayfair and 3.3% in Belgravia across 2025 compared with the previous year. Initiatives such as Belgravia in Bloom, the Mount Street Arts Festival and Design Destination London are much anticipated and continue to attract both local and international audiences.

Building on this momentum, Grosvenor has strengthened its retail leadership with two senior appointments. Pareen Pandya joins as Retail Director for Belgravia from Unibail-Rodamco-Westfield, where he led asset management across its UK business, bringing extensive expertise in retail operations and data-led portfolio management. Meanwhile, Henry Hunter has been promoted to Mayfair Retail Director, bringing more than a decade of experience at Grosvenor and a strong asset management track record, including previous responsibility for Mount Street Neighbourhood.

Amelia Bright, Executive Director of the London Estate at Grosvenor, said:
“Our year-end performance is clear evidence that our long-term approach to retail curation is delivering results. By attracting world-class occupiers, actively curating a diverse mix of uses and investing in our streets year-round, we are creating places that not only perform commercially and attract a range of visitors, but also support jobs, enterprise and economic growth across London.

“High occupancy and continued demand across Mayfair and Belgravia demonstrate the important role that resilient, experience-led retail plays in the capital’s wider economy. These are exceptional destinations with enduring global appeal and with Pareen and Henry’s leadership, we are well positioned to take this progress forward, evolving these neighbourhoods thoughtfully so they continue to thrive and deliver long-term value for our communities, our occupiers and London as a whole.” 

ENDS

Notable leases from the year include:

• JW Anderson – launches its first interiors concept on Pimlico Road.
• Crisp Pizza – brings its award-winning pizza to the reimagined The Marlborough pub, alongside the team from The Devonshire.
• Foundrae – the cult New York founded jewellery brand, set to open its first European location on Mount Street.
• Réalisation Par – expands its London presence with The Residency in Belgravia, building on the success of its Mount Street flagship.
• Le Café NAC – introduces a fresh dining concept from North Audley Canteen (NAC), energising Motcomb Street’s vibrant culinary scene.
• Adam Lippes – unveils his first European flagship, showcasing refined tailoring and exclusive collections.
• Fueguia 1833 – presents its rare Cave Vintage fragrance collection in a bespoke gallery space on Mount Street.
• Parson’s Nose – offers a new neighbourhood butcher on Eccleston Street.

 About Grosvenor Property UK

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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. With a 340-year track record, we are committed to delivering lasting commercial, social, and environmental benefits, meeting today’s needs while taking responsibility for those of future generations. 

Our UK property business supports around 1,000 businesses and thousands of residents and workers across London’s West End, while also investing in sustainable neighbourhoods across England. As a company aligned with the 1.5°C climate target, we pioneer change and innovation in urban development, ensuring our places benefit both people and the planet in the long term.