Grosvenor introduces Simplified Lease
Grosvenor has introduced a new initiative called the Simplified Lease that enables retailers to agree a lease and have access to their premises in a matter of days.
Working in partnership with occupiers across London’s Mayfair and Belgravia, the company said it made the move to help retailers overcome the range of obstacles they face when setting up new stores.
Grosvenor has designed a scheme where the lease removes the need for legal negotiation on both sides, which has resulted in a reduction in the time and costs involved.
Compared to the traditional average turnaround time of three to six months, Grosvenor said the Simplified Lease typically takes 72 hours to line up, review the contract, make statutory declarations, and circulate for signatures.
Since the scheme was launched six months ago, Grosvenor said 15 occupiers have taken up the new lease including the likes of Sook, Vicki Sarge, My Wardrobe HQ and Fair Shot Café.
Joanna Lea, retail director at Grosvenor, said: “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.”
