29 JULY 2024
Over the first half of the year, Grosvenor signed 64 leases across all sectors in its Mayfair and Belgravia portfolio covering 127,000 sq. ft. and generating £8.52m of rent, 11% ahead of ERVs.
Significant office leasing, driven by the success of Grosvenor’s new flex office offer, reduced lettable voids across the portfolio to just 0.9%, down from 3.8% at end of 2023 – below the West End average at June 2024 of 7.4% (source: Savills).
Led by the announcement of Cornus’ signing at the Ice Factory, retail and leisure leasing has also been strong over this period, accounting for almost 60% of deals signed. A further 12 new retail and leisure leases and renewals are under offer at 14% over ERVs.
Taken together, occupancy across the portfolio, excluding strategic voids, has reached a post pandemic high of over 97%.
Leasing strength across Mayfair and Belgravia comes as a result of Grosvenor’s active place and asset management. Alongside plans to invest c£1.4 billion in London in the next 10 years, recent innovations to support occupiers include our digital simplified lease that can take just 72 hours to complete. The business also provides funding to support occupier expansion, and has committed £90 million to retrofit properties, making them more sustainable and cost effective to run.
Amelia Bright, Executive Director, London Estate, Grosvenor commented:
“The results across our London portfolio demonstrate the benefit of continual investment in our properties, places and partnerships with occupiers.
We’re seeing ongoing strength in demand for our high-quality, sustainable places. With a substantial investment pipeline including South Molton, the largest mixed-use development on site in the West End and further flex openings, we’re confident about future performance.”
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
+442073126324
alexander.davis@grosvenor.com