// Grosvenor has designed a new initiative called Simplified Lease allowing retailers to access new premises in a matter of days
// Compared to the average turnaround time of three-to-six months, the Simplified Lease typically takes just 72 hours to line up
Working in partnership with occupiers across Mayfair and Belgravia, leading property developer and manager Grosvenor has designed a new innovative initiative called Simplified Lease.
The market-first launch means that retailers can agree a lease and have access to their premises in a matter of days
Grosvenor said the new lease was created “in response to the obstacles they face when trying to set up new stores”.
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The group also said that 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.”
Compared to the average turnaround time of three-to-six months, the Simplified Lease typically takes only 72 hours to line up, review the contract, make statutory declarations, and circulate for signatures.
Grosvenor stated that 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 launching,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 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.”
Tom Price, Head of Site Acquisition at Sook, says: “Sook exists to help break down the barriers to physical retail – providing flexible, sustainable, ‘pop up’ space to anyone who needs it, whenever they need it. In partnership with Grosvenor, Sook has recently opened a second space on South Molton Street, and we are delighted to work with such a forward-thinking organisation that shares our vision for the high street. By innovating on the existing lease structure to save lengthy negotiations and unnecessary legal costs, Grosvenor is providing a real solution for brands and businesses keen to quickly occupy the many empty retail spaces in the capital, following the impact of the pandemic.”
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