• 58 leasing transactions were completed or exchanged across Grosvenor's Mayfair and Belgravia neighbourhoods in H1 2026, maintaining low lettable vacancy of 3.3%.
• New leases achieved 9.4% ahead of ERV, securing £5.4m in annual rent. Overall leasing activity, including new leases and renewals, achieved rents 7.8% above ERV.
  
• Performance follows continued investment in public realm, including the reopening of Grosvenor Square and the permanent transformation of North Audley Street.

Grosvenor’s Mayfair and Belgravia neighbourhoods continued to outperform the market in the first half of 2026, with strong leasing activity across its mixed-use portfolio. During the period, 37 new leases were agreed across retail, hospitality and office uses, while a further 21 lease renewals brought the total number of completed or exchanged leasing transactions to 58. Together, these transactions covered more than 80,000 sq. ft and secured £5.4m in annual rent.

New leases were agreed at rents 9.4% above estimated rental value (ERV), while overall leasing activity, including new leases and renewals, achieved rents 7.8% above ERV. The activity has maintained portfolio occupancy at 97%, with lettable retail vacancy of just 2.6%. This compares with West End retail vacancy of 12.2%, according to MSCI's Q1 2026 data, the latest available. 

The results underline continued confidence in central London despite a more challenging backdrop for parts of the retail market, with demand evident in neighbourhoods able to offer a distinctive mix of retail, hospitality, culture and public realm.

New brands across the portfolio

Leasing activity has been driven by continued demand for well-curated space in Mayfair, particularly among independent luxury, hospitality and wellness brands. FoundRae selected Mount Street for its first UK store, while skincare specialist Melanie Grant is preparing to open a clinic at 129 Mount Street.

Award-winning Persian restaurant Berenjak opened on Duke Street in March, building on the arrival of Crisp at The Marlborough on North Audley Street in 2025 and strengthening the area's position as a leading dining destination. This follows a £1.6m investment in a permanent transformation of North Audley Street, delivered by Grosvenor in partnership with Westminster City Council, which widened footways, improved pedestrian movement and extended the street’s tree avenue with new planting.

Belgravia continues to attract distinctive independent operators and specialist brands, reinforcing its position as one of London's most established village destinations. Weezies, one of London's most talked-about restaurant openings from the team behind neighbouring Amie Wine, has hit the ground running since opening in April, adding to Eccleston Yards' vibrant mix of independent operators. London Epicerie is set to launch at 65-69 Ebury Street, while jewellery designer Sophie Breitmeyer has recently opened at 36 Elizabeth Street. On Motcomb Street, Onyx Matcha Club is due to open this summer at number 13, while Pimlico Road has strengthened its position as a destination for interiors and design, with new occupiers including auction house Roseberys and antiques dealer Molly Alexander.

Investing in the long-term future of the West End

The leasing performance reflects Grosvenor’s continued investment in the long-term success of the West End, with £1.7bn committed alongside partners through to 2035. Grosvenor Square reopened to the public on 20 July following a £25m transformation, marking the most significant private investment in public green space in the West End in a generation. Nearby, South Molton is on track for completion next year and will deliver 267,000 sq ft of premium office space, helping meet continued demand for best-in-class workspace in central London.

In Belgravia, public realm works have also commenced on Eccleston Street and are due to complete by the end of the year, reflecting Grosvenor's continued investment in the quality of the streets and spaces that underpin neighbourhood performance.

Amelia Bright, Executive Director of the London Estate at Grosvenor, said: 

"Our strong performance so far this year reflects the value of a long-term approach to stewardship. We actively shape and curate our neighbourhoods, bringing together the right mix of retail, hospitality, workspace and public realm to create places where people and businesses want to be. The strong demand we're seeing, reflected in our leasing performance, is a direct result of that approach. We're also seeing more leading international brands choose Mayfair and Belgravia for their first UK locations, reinforcing both the appeal of our neighbourhoods and London's global reputation.

"Mayfair and Belgravia are part of what makes London one of the world's great cities, and we're proud of the role we play in helping them evolve. By continuing to invest for the long term, we're ensuring these neighbourhoods remain vibrant, attract businesses, talent and visitors, and continue to thrive for generations to come."

Beth Hutchens, Founder & Creative Director, FoundRae, commented:

"Mount Street has a history of craftsmanship and quality dating back centuries, which felt like the right home for FoundRae's first international flagship. It is a street built on longevity rather than trends - exactly the values we want the brand associated with. 

“Working with Grosvenor was a genuine partnership from the start - they understood what we were trying to build and helped us navigate the process with real care for getting the space right. Seeing the concept go from a vision to a physical space on Mount Street felt like a full-circle moment for the brand.”

Will Sandbach, Co-Founder of Weezies and Amie Wine Studio, added:

“Amie wine studio has grown organically year on year since we opened as a pop-up four years ago, so when the opportunity to open Weezie's came up, we knew we had to go for it. Eccleston Yards has such a unique, continental feel, and being minutes from Victoria makes it wonderfully accessible. 

“Grosvenor have been brilliant partners throughout the leasing and fit-out process. Since opening in April, the response from customers has been incredible. The whole team have worked incredibly hard, and admittedly we've had a bit of luck with the weather!”

ENDS

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.