In 2023, Grosvenor, a major landlord in London’s prestigious Mayfair and Belgravia areas, experienced significant growth in its portfolio. Their retail, residential, and office properties saw a decrease in vacancy rates, reaching an impressive 4.3% by the end of the year. The retail sector, in particular, had even lower vacancy rates of 4.9%, which is half of the average for the West End Retail.
Throughout the year, Grosvenor successfully signed leases with 69 new retail, leisure, and office occupiers, and also renewed leases with an additional 26 occupants. One of the standout areas for growth was Mount Street in Mayfair, which solidified its reputation as a global luxury fashion destination. The signing of Toteme, who opened their first European flagship store there, further enhanced Mount Street’s standing. This street already boasts several luxury brands, including CH Caroline Herrera, Christian Louboutin, and Roksanda.
Grosvenor also focused on elevating South Audley Street as a prominent beauty destination. They introduced Sisley and Ormorovicza and extended Bamford’s lease for another 10 years. In Belgravia, their efforts were centered around establishing Motcomb Street as a luxury hotspot. By welcoming Tissa Fontandena and Salt Resortwear to their lineup, Grosvenor aimed to position this street as a must-visit destination for luxury lovers.
Amelia Bright, the Executive Director of the London Estate at Grosvenor Property UK, commended the company’s strong leasing performance, even in challenging economic conditions. She emphasized their occupier-led approach and commitment to supporting their occupants’ success. Additionally, Grosvenor’s investment in the places they manage has been instrumental in their continuous success.
Overall, Grosvenor’s unwavering demand for high-quality space in Mayfair and Belgravia has resulted in a thriving portfolio with minimal vacancies. Their strategic curation of luxury and beauty destinations has not only attracted new occupants but has also encouraged lease renewals, further solidifying their position as a leading landlord in London.
Useful links:
– Grosvenor 2019 FY Results
– Mayfair & Belgravia Official Website
