Grosvenor has reported a strong first half of 2026 across its prime central London portfolio, completing 58 leasing transactions spanning more than 80,000 sq ft as demand continues to grow for premium retail, hospitality and commercial space in Mayfair and Belgravia.
The property company secured £5.4 million in annual rental income through a combination of new lettings and lease renewals, reinforcing the resilience of two of London’s most prestigious mixed-use neighbourhoods.
During the six-month period, Grosvenor completed 37 new leases alongside 21 renewals across its retail, hospitality and office portfolio. New agreements were achieved at rents 9.4% above estimated rental value (ERV), while overall leasing activity outperformed expectations by 7.8%.
The performance has helped maintain portfolio occupancy at an impressive 97%, with retail vacancy standing at just 2.6%—significantly below the wider West End retail vacancy rate of 12.2%.
For the construction and property sectors, the results demonstrate the continued strength of well-managed, mixed-use destinations where long-term investment in public realm, heritage buildings and carefully curated occupier mixes continues to attract businesses despite wider challenges across parts of the retail market.
Mayfair has continued to attract leading international and independent brands seeking flagship London locations. Jewellery brand FoundRae has selected Mount Street for its first UK store, while skincare specialist Melanie Grant will open a new clinic at 129 Mount Street.
The area’s hospitality offering has also expanded, with Persian restaurant Berenjak opening on Duke Street following the successful arrival of Crisp at The Marlborough on North Audley Street last year.
Meanwhile, Belgravia continues to evolve as a destination for independent retailers, restaurants and lifestyle brands. Eccleston Yards welcomed Weezies, a new restaurant from the team behind neighbouring Amie Wine, while London Epicerie is preparing to open on Ebury Street.
Elizabeth Street has recently welcomed jewellery designer Sophie Breitmeyer, while Onyx Matcha Club is due to launch on Motcomb Street later this summer. Pimlico Road has further strengthened its reputation as a destination for interiors and design, with new occupiers including auction house Roseberys and antiques specialist Molly Alexander.
The latest leasing activity reflects Grosvenor’s long-term strategy of creating vibrant mixed-use neighbourhoods that combine premium retail, hospitality, workspace and high-quality public realm, supporting both commercial performance and the wider appeal of central London.
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.”
The results underline the enduring strength of London’s prime mixed-use districts, where strategic placemaking, heritage-led investment and a carefully balanced mix of commercial, retail and hospitality uses continue to drive strong occupier demand and long-term investment confidence.
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