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11 SEPTEMBER 2023
London portfolio sees continued competitive demand for retail, leisure, and office space in Mayfair and Belgravia during the first six months of 2023.
Grosvenor's London portfolio saw strong leasing demand in the first half of 2023, with 36 retail and leisure, and 18 office occupiers either signing new leases or extending current agreements. These leases, covering over 152,000 sq. ft, will deliver £15.5 million in rent at an average of 5% over December 2022 ERVs.
With continued, competitive demand for space, vacancy rates across the London portfolio continued to sit well below prime central London averages.
New retail occupiers in Mayfair include a first European flagship store for clothing brand Toteme on Mount Street and xydrobe's debut location at Carlos Place. xydrobe blends physical and digital retail experiences to enhance storytelling for fashion, art, beauty, sport, music, and entertainment clients by providing immersive experiences in multisensory VR units. Psycle London have also opened at The Ice Factory, Belgravia expanding the leisure offer at the highly popular Eccleston Yards.
Around a third of retail, hospitality and leisure leases were renewals or regears demonstrating the continued strength of key destinations Grosvenor manages, with brands including grocer Bayley & Sage taking an additional unit on Elizabeth Street in Belgravia to house Abode, their homeware brand.
In the office portfolio, 65 Davies Street, an over-station development in Mayfair, is now fully pre-let, or under offer. Similar strong interest has been seen for Grosvenor’s growing flexible office products including for memberships at Fivefields, a new hub for charities and social impact organisations which will open in October.
Amelia Bright, Executive Director, London Estate, Grosvenor, commented:
“While location remains the key driver of occupier choice, our commitments to sustainability, wider neighbourhood investments and partnership approach are increasingly important factors.”
“With a challenging market outlook, we anticipate these considerations will continue to differentiate our offer and we will persist in finding ways of supporting occupier success”.
Grosvenor is an international organisation whose activities span urban property, food & agtech, rural estate management and support for philanthropic initiatives.
We develop, manage and invest to improve property and places across many of the world’s leading cities. In the food & agtech sector our growing investment portfolio includes some of the industry’s most innovative businesses working towards a better food system. We manage rural estates and their environmentally sensitive habitats while supporting charitable initiatives targeted at vulnerable young people.
We are a values-led organisation 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.