West End landlord launches new leasing model to allow retailers to move in quicker
Grosvenor has launched a new market-first initiative that allows occupiers to agree a lease and have access to their premises in a matter of days.
Named "Simplified Lease", Grosvenor will work in partnership with occupiers across Mayfair and Belgravia. The landlord has designed the Simplified Lease in response to the obstacles they face when trying to set up new stores.
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 and 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.
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.”