14 FEBRUARY 2024

Flurry of retail & office lettings takes Grosvenor’s Mayfair & Belgravia portfolio to 95% occupancy

Continued demand for high-quality space across Mayfair and Belgravia throughout 2023 reduced vacancy to 4.3% at year-end across Grosvenor’s London retail, residential and office portfolio.  

Available space across retail properties reached 4.9% at year end, half of the West End Retail average of 10%*. Similarly, office vacancy was 3.8%outperforming the West End Office average of 7.5%.**  

Over 2023, Grosvenor signed leases with 69 new retail, leisure and office occupiers, covering 219,000 sq. ft. of space, and generating £22.8m of rent at an average of 5% over ERVs. An additional 26 renewals were signed. 

Grosvenor’s strong leasing performance over the year was bolstered by the completion of several significant development projects. These included 65 Davies Street, an over-station development in MayfairHolbein Gardens, net zero redevelopment of a 1980s office building near Sloane Square and The Ice Factory, a five-storey repurposed warehouse now housing contemporary workspace, commercial space, and the only roof top restaurant/bar space in the area. All office space delivered in the year was fully let prior to completion. 

Similar success was demonstrated across Grosvenor’s retail portfolio, with Mount Street in Mayfair further solidifying its place as a global luxury fashion destination through the signing of Totemefor the brands first European flagship store. Meanwhile, Grosvenor continued to curate South Audley Street as a beauty destination, through the opening of Sisley, Ormoroviczaand a 10-year renewal by Bamford. 

Furthering positioning Motcomb Street in Belgravia as a luxury shopping destination, Tissa Fontandena and Salt Resortwear were welcomed as new occupiers. These new retailers are supported by Lali who will add more quality all-day dining options to the area. 

Over the past few years, a suite of innovative programmes to support occupiers including green leases, a Simplified Lease that takes just 72 hours to agree and a Tenant Investment Fund to support occupier growth have also played a key role in attracting businesses to Grosvenor’s portfolio. 

As part of wider investment in sustainability and new high-quality space across Mayfair and Belgravia, Grosvenor is working with Mitsui Fudosan UK on the South Molton developmentthe largest mixed-use development in the West End. Work is also expected to begin this year on the transformation of Grosvenor Square into an extraordinary urban garden with ground-breaking environmental credentials. 

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

“Despite increasingly challenging economic conditions, 2023 saw strong leasing across all sectors in our portfolio, with robust performance both in our standing portfolio and our new highly sustainable developments. Through our occupier-led approach we will continue to differentiate our offerfinding additional ways of supporting occupier success and investing in the places we manage. 

Notes to editors  

*Source: LDC, 2024 – Data based off the percentage of units vacant as provided by LDC’s on-the-ground research since July 2023. This figure is not a percentage of square foot vacancy, nor does it account for leases where the tenant has not physically occupied the space, nor where the lease has ended yet the space is still occupied.  

** Source: Savills, November 2023 

About Grosvenor 
Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management and support for philanthropic initiatives. 

We are a values-led business which represents the Grosvenor family and share a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.   

With a track record of over 340 years, we work to improve urban property and places in many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of customers and communities.  

Our UK property business supports c1,000 businesses and tens of thousands of residents and workers across London’s West End each day. We also invest in, create and manage sustainable neighbourhoods in Liverpool and across England. As a 1.5oC aligned company, pioneering change and new ways of thinking about property we aim to ensure our places benefit both people and the planet over the long term. 

Alexander Davis

Communications Executive


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