Grosvenor completes 58 leasing transactions across Mayfair and Belgravia estates in first half of 2026
Grosvenor has completed 58 leasing transactions across its Mayfair and Belgravia estates in the first half of 2026, covering over 80,000 sq ft and reflecting £5.4m of secured annual rent.
During the period, 37 new leases were agreed across retail, hospitality, and office uses, while a further 21 lease renewals were secured.
New leases were agreed at rents 9.4% above estimated rental value (ERV), while overall leasing activity, including new leases and renewals, achieved rents 7.8% above ERV.
Grosvenor’s portfolio occupancy has been maintained at 97%, with lettable retail vacancy of 2.6%. This compares with West End retail vacancy of 12.2%, according to MSCI’s Q1 2026 data, the latest available.
The group said these results underline continued confidence in central London despite a more challenging backdrop for parts of the retail market, with demand evident in neighbourhoods that offer a mix of retail, hospitality, culture, and public realm.
This leasing activity has been driven by demand for well-curated space in Mayfair, particularly among independent luxury, hospitality, and wellness brands. FoundRae selected Mount Street for its first UK store, while skincare specialist Melanie Grant is set to open a clinic at 129 Mount Street.
Persian restaurant Berenjak opened on Duke Street in March, following the arrival of Crisp at The Marlborough on North Audley Street in 2025.
In Belgravia, Weezies,a restaurant from the team behind neighbouring Amie Wine, opened in April, adding to Eccleston Yards’ mix of independent operators. London Epicerie is set to launch at 65-69 Ebury Street, while jewellery designer Sophie Breitmeyer has recently opened at 36 Elizabeth Street. At 13 Motcomb Street, Onyx Matcha Club is due to open this summer, while Pimlico Road has strengthened its position as a destination for interiors and design, with new occupiers including auction house Roseberys and antiques dealer Molly Alexander.
Amelia Bright, executive director of the London Estate at Grosvenor, said: “Our strong performance so far this year reflects the value of a long-term approach to stewardship. We actively shape and curate our neighbourhoods, bringing together the right mix of retail, hospitality, workspace and public realm to create places where people and businesses want to be. The strong demand we’re seeing, reflected in our leasing performance, is a direct result of that approach. We’re also seeing more leading international brands choose Mayfair and Belgravia for their first UK locations, reinforcing both the appeal of our neighbourhoods and London’s global reputation.
“Mayfair and Belgravia are part of what makes London one of the world’s great cities, and we’re proud of the role we play in helping them evolve. By continuing to invest for the long term, we’re ensuring these neighbourhoods remain vibrant, attract businesses, talent and visitors, and continue to thrive for generations to come.”