Grosvenor, the property landlord in London’s affluent Mayfair and Belgravia areas, has achieved an impressive vacancy rate of 0.8% at the close of 2022. This is significantly lower than the Prime West End average of 11.3% in Q3 and the UK average of 13.9%, as reported by Savills and the British Retail Consortium. The company attributes this success to its implementation of innovative products and programs that support the 500 retail and hospitality occupiers in its historic destinations.
One of Grosvenor’s key initiatives is the introduction of green leases, which prioritize sustainable practices. In addition, the company has created a ‘Simplified Lease’ that expedites the agreement process, taking only 72 hours. These initiatives have been instrumental in attracting new brands to Grosvenor’s portfolio and supporting existing occupiers. Over the past year, 45 new brands, such as Apricity, With Nothing Underneath, and Mr Fogg’s Apothecary, have opened in Mayfair and Belgravia, with an additional 24 brands renewing their tenancies.
In addition to these new products and programs, Grosvenor has implemented a range of activations to enhance the reputation of Mayfair and Belgravia as desirable destinations. For example, the Mayfair Jubilee Street Party, a two-day event held in June, resulted in a significant increase in footfall. Other successful initiatives include Belgravia in Bloom, a celebration of floral displays, and The Mayfair Maison, a pop-up boutique offering unique collections.
Joanna Lea, the Director of Retail at Grosvenor, emphasized the company’s objective to position the selection of a property partner as important as location and rent for brands. By actively supporting brands as business partners rather than just providing space, Grosvenor aims to drive their success. Looking ahead to 2023, the company is committed to finding further ways to support occupiers, particularly in reducing the time and cost involved in setting up shop. The Simplified Lease has already made significant improvements in this area, and a new digital platform is being developed to make the process even more efficient, allowing occupiers to open their businesses faster.
The notable decrease in vacancies in Grosvenor’s Mayfair and Belgravia properties exemplifies the success of its innovative approach to supporting occupiers and attracting new brands. With its ongoing commitment to occupier success and plans for further enhancements in the coming year, Grosvenor is establishing itself as a valuable ally for retail and hospitality brands in these highly regarded London neighborhoods.
Useful links:
1. Grosvenor Official Website
2. Savills
