Multiple lettings boost Grosvenor's Mayfair and Belgravia portfolio with minimal vacancies

By

Nigel TAYLOR

Published
February 15, 2024

Ongoing demand for “high-quality space across Mayfair and Belgravia throughout 2023” reduced vacancy rates to 4.3% by the end of the year in the Grosvenor-controlled London retail, residential and office portfolio.  

The major landlord said that available space across retail properties reached 4.9%, which is half of the West End Retail average of 10%. 

During the year it signed leases with 69 new retail, leisure and office occupiers an an additional 26 renewals were signed. 

Particularly important was Mount Street in Mayfair, which “further solidified its place as a global luxury fashion destination through the signing of Toteme, for the brand’s first European flagship store”.

Mount Street is a luxury enclave with names including CH Caroline Herrera, Gina, Christian Louboutin, Simone Rocha, Roksanda, Linda Farrow, Huishan Zhang, Balmain, Malone Souliers, Oscar de la Renta and more having London flagships there. 

Meanwhile, Grosvenor continued to curate South Audley Street as a beauty destination, through the opening of Sisley, Ormorovicza, and a 10-year renewal by Bamford. 

And furthering the positioning of Motcomb Street in Belgravia as a luxury destination, Tissa Fontandena and Salt Resortwear joined the line-up there.

Amelia Bright, Executive Director, London Estate, Grosvenor Property UK, said: “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 offer, finding additional ways of supporting occupier success and investing in the places we manage.”