• Grosvenor maintains 97% occupancy rate, with retail and leisure driving leasing activity across H1 2025.
• 70% of leases by volume came from retail and leisure occupiers, a 10% YOY increase.
• Flight to quality across office sector continues, with office occupancy at 99%.

Over the first half of the year, Grosvenor signed 62 new leases across all sectors in its Mayfair and Belgravia portfolio, covering 143,000 sq. ft. and generating £11.7m of rent – c.5.5% ahead of ERVs. 

This momentum supported a 97.5% portfolio-wide occupancy rate, with retail and leisure voids at 4.5% and office voids at just 0.7% - significantly outperforming West End averages of 10.1% and 10.3, respectively (source: Q2 West End occupancy data - MSCI).

Retail and leisure accounted for c.70% of new leases, up from 60% during the same period last year. Grosvenor's active asset management continued to reinforce Mount Street's reputation as one of the world's leading luxury destinations, supported by several high-profile openings. 

Recent additions include:  

• Adam Lippes, launching his first European flagship store, offering refined tailoring and exclusive collections. 
• Melanie Grant, internationally renowned facialist, opening her first UK studio in collaboration with designer Rose Uniacke. 
• Fueguia 1833, introducing its rare Cave Vintage fragrance collection in a bespoke gallery space. 
• Barnaby Bars, a design-led chocolate concept by chocolatier Barney Goff.
• Automat, the iconic New York-style brasserie, reimagined by British chef Tommy Banks.

Amelia Bright, Executive Director, London Estate, Grosvenor, commented: 

“Our H1 leasing performance highlights the enduring appeal of our places, a clear endorsement of our long-term, place-led approach. Through continuous investment and active stewardship, we’re creating high-quality neighbourhoods that enhance the vibrancy of this important part of the London, supporting local communities, and delivering lasting value.

With the West End generating 3% of the nation's economic output, this investment is an essential part of maintaining its enduring appeal to a national and international audience.”
 

Grosvenor’s leasing success is underpinned by an innovative approach to supporting occupiers, including orchestrating high-profile events such as Belgravia in Bloom, which saw 607,000 visitors flock to the area in May, and introducing a digital simplified lease that can be completed in just 72 hours. 

Supporting resilience, value and occupier wellbeing, the business is investing £90m to retrofit its buildings. Since 2019, Grosvenor has retrofitted c.1.4 million square feet of its London portfolio and replaced over 50 gas boilers with fossil fuel-free alternatives, cutting gas usage by 40%.

As part of its continuous investment to create and shape vibrant communities, Grosvenor is investing £1.3bn across Mayfair and Belgravia. Investments currently underway include South Molton, the largest mixed-use development in the West End, and the transformation of Grosvenor Square - the most significant private investment in the area’s green space in a generation. 

 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.