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24 MARCH 2022
Grosvenor has launched a new innovative initiative called the Simplified Lease, a market-first that allows occupiers to agree a lease and have access to their premises in a matter of days.
Working in partnership with occupiers across Mayfair and Belgravia, Grosvenor has designed the Simplified Lease in response to the obstacles they face when trying to set up new stores.
The first of its kind, the lease removes the need for legal negotiation on both sides reducing the time and costs involved in traditionally agreeing a lease. As a result, occupiers can be in place, trading sooner.
In real terms, compared to the average turnaround time of three to six months, the Simplified Lease typically takes just 72 hours to line up, review the contract, make statutory declarations, and circulate for signatures. Not only does it reduce time but also costs on both sides with Grosvenor itself seeing a reduction in typical costs of approximately 90% so far.
The simplicity and transparency of the offering has proven popular with occupiers. Since it first launched six months ago, 15 occupiers have already taken up the new lease across Mayfair and Belgravia, including Sook, Vicki Sarge, My Wardrobe HQ and Fair Shot Café.
Joanna Lea, Retail Director at Grosvenor says: “We are extremely proud to be adding the Simplified Lease to our growing suite of occupier initiatives. We have been working hard to redefine the perception of a ‘landlord’, which means taking on a proactive and collaborative approach to these partnerships and simplifying processes or removing typical bottlenecks.
“A big part of this approach is listening to occupiers. We knew the hoops they had to jump through to get up and running was a real concern. By taking a pragmatic and service-oriented approach, the Simplified Lease enables brands to set up shop quickly and more cost-effectively.”
Tom Price, Head of Site Acquisition at Sook, says: "Sook exists to help break down the barriers to physical retail - providing flexible, sustainable, 'pop up' space to anyone who needs it, whenever they need it. In partnership with Grosvenor, Sook has recently opened a second space on South Molton Street, and we are delighted to work with such a forward-thinking organisation that shares our vision for the high street. By innovating on the existing lease structure to save lengthy negotiations and unnecessary legal costs, Grosvenor is providing a real solution for brands and businesses keen to quickly occupy the many empty retail spaces in the capital, following the impact of the pandemic."
The lease is the latest occupier initiative to be rolled out by Grosvenor and joins the likes of the Tenant Investment Fund, which supports business expansion plans at a time when bank funding is constrained.
Grosvenor is a property developer, manager and investor – we create great places where communities, business and nature thrive.
In London’s West End, we support nearly 1,000 businesses and thousands of residents and workers each day. We also invest in new neighbourhoods elsewhere in London, Liverpool and across the South of England.
With a track record of over 340 years, we are part of an international property company improving property and places across many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of our customers and communities.
We are a values-led organisation which represents the Grosvenor family. Our work in property, alongside Grosvenor’s other activities in food and agtech, rural estate management and support for philanthropic initiatives, shares a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.
Thinking long term allows us to give equal weight to the environmental, social and commercial impact of everything that we do.
For more information, please contact
Louise.email@example.com / +44 (0) 7985 574 636
Head of Corporate Communications, Grosvenor Property UK
+44 (0)20 7312 2341 ext.6957