Grosvenor signs trio of West End lettings
Grosvenor has secured three health, art and hospitality lettings in Belgravia, SW1, and Mayfair, W1.
Two of the signings, with GRIMM Gallery and Hummingbird Bakery, were agreed under the owner’s ‘simplified lease’ model. The structure speeds up deals by allowing occupiers access to premises within around 72 hours, versus an average of six months. Grosvenor said the lease “removes the need for protracted legal negotiation on both sides”.
GRIMM Gallery, which was founded in Amsterdam and has since opened a gallery in New York, has taken 2-4 Bourdon Street in Mayfair as its next step in its global expansion. The gallery promotes emerging and mid-career artists working in a diverse range of media.
Grosvenor has secured three health, art and hospitality lettings in Belgravia, SW1, and Mayfair, W1.
Two of the signings, with GRIMM Gallery and Hummingbird Bakery, were agreed under the owner’s ‘simplified lease’ model. The structure speeds up deals by allowing occupiers access to premises within around 72 hours, versus an average of six months. Grosvenor said the lease “removes the need for protracted legal negotiation on both sides”.
GRIMM Gallery, which was founded in Amsterdam and has since opened a gallery in New York, has taken 2-4 Bourdon Street in Mayfair as its next step in its global expansion. The gallery promotes emerging and mid-career artists working in a diverse range of media.
The Hummingbird Bakery is set to open its doors at 40 Buckingham Palace Road “in the next month”. The Belgravia store will be the bakery’s fifth in London.
Aesthetic skincare specialist Dr David Jack Clinic will open its first clinic outside of Harley Street in January 2023 at 59 Ebury Street.
During Q3 this year Grosvenor recorded 33 signings and lease renewals across Mayfair and Belgravia, 12 of which have been new retail lettings.
Joanna Lea, director of retail at Grosvenor, said: “The simplified lease is one of the initiatives we established to make taking space simpler for expanding businesses. In the past 12 months it has helped more than 20 brands set up shop faster, easier and more cost effectively. With low vacancy and continued competitive demand for space, our drive to act as a partner to occupiers is supporting the ongoing success of Mayfair and Belgravia.”
Sara Simpson, director of Colliers’ central London retail team, which advised Grosvenor on the lettings, said: “The simplified lease has offered a completely streamlined approach when dealing with independent brands and established operators alike.
“These three lettings to GRIMM Gallery, Hummingbird Bakery and Dr David Jack Clinic really [showcase] how Grosvenor is adding diversity to its estate by having a broad range of use categories, offering customers so much more of a reason to visit the areas than just to shop, thus increasing dwell time. We are confident that these companies will flourish in their new neighbourhoods.”
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
