Grosvernor introduces Simplified Lease initiative to London

UK property developer Grosvernor has launched a “market-first” initiative that will allow occupiers to agree a lease and have access to their premises “in a matter of days”.

Established in partnership with occupiers at London’s Mayfair and Belgravia, the Simplified Lease plan hopes to dismantle obstacles retailers often face in the process of setting up new stores.

The lease will remove the need for legal negotiations on both sides, a move that will in turn reduce the times and costs. According to the company’s press release, the plan will take just 72 hours to draw up and will reduce typical costs by approximately 90 percent.

15 occupiers, including the likes of Vicki Sarge and My Wardrobe HQ, have already signed onto the new initiative.

“We are extremely proud to be adding the Simplified Lease to our growing suite of occupier initiatives,” said Grosvenor’s retail director, Joanna Lea. “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.”

Lea continued: “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.”