Grosvenor creates super-fast and cheaper leasing process for central London

By

Nigel TAYLOR

Published
Mar 25, 2022

Speed-to-market isn’t just for retail. Commercial property giant Grosvenor has now got in on the act, launching its ‘Simplified Lease’ for some of its central London locations.

The “market-first… innovative initiative” 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 new lease “in response to the obstacles they face when trying to set up new stores”. 

Grosvenor said the system “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”, it noted.  

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.

Importantly, Grosvenor said it's also seeing a reduction in typical associated costs of around 90%, so far. 

The property firm also noted that the simplicity and transparency of the offering has proven popular with occupiers. Since it launched, 15 occupiers have already taken up the new lease across Mayfair and Belgravia, including My Wardrobe HQ and jeweller Vicki Sarge.

Joanna Lea, Retail Director at Grosvenor, said: “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.”