Grosvenor ends 2025 with 98% occupancy across London estate
Grosvenor’s UK property business ended 2025 with an occupancy rate of 98% across its retail, office, and residential portfolio in Mayfair and Belgravia in London.
Across the estate, 96 retail and leisure leases were completed in 2025, covering over 350,000 sq ft and generating £20.8m in rent, 10.6% ahead of estimated rental values.
This contributed to a year-end occupancy rate of over 95% across Grosvenor’s retail estate.
This leasing performance was supported by a series of new food and beverage openings, alongside interest from luxury fashion and interiors brands. In Mayfair, new restaurant signings included the likes of Crisp Pizza and 74 Duke. The group also welcomed a number of internationally recognised retail brands. JW Anderson opened its first interiors-led store on Pimlico Road, while Mount Street saw further additions, including a European debut for New York–founded jewellery brand Foundrae.
Building on this momentum, Grosvenor has also looked to strengthen its retail leadership with two senior appointments. Pareen Pandya has joined as retail director for Belgravia from Unibail-Rodamco-Westfield, while Henry Hunter has been promoted to Mayfair retail director.
Amelia Bright, executive director of the London Estate at Grosvenor, said: “Our year-end performance is clear evidence that our long-term approach to retail curation is delivering results. By attracting world-class occupiers, actively curating a diverse mix of uses and investing in our streets year-round, we are creating places that not only perform commercially and attract a range of visitors, but also support jobs, enterprise and economic growth across London.
“High occupancy and continued demand across Mayfair and Belgravia demonstrate the important role that resilient, experience-led retail plays in the capital’s wider economy. These are exceptional destinations with enduring global appeal and with Pareen and Henry’s leadership, we are well positioned to take this progress forward, evolving these neighbourhoods thoughtfully so they continue to thrive and deliver long-term value for our communities, our occupiers and London as a whole.”