Grosvenor is to offer its small, independent tenants forced to close by the country’s second lockdown a 50% rent discount for November and December.
Around two-thirds of its 500 tenants across its London estate are independent or smaller businesses.
“As a partner to so many independent brands we want to support them through this continued uncertainty,” James Raynor, chief executive, Grosvenor Britain & Ireland, said.
“Beyond lockdown we’ll be looking to innovate once again to showcase the best of the West End to build a safe, sustainable recovery – securing jobs and economic growth.”
Grosvenor previously waived the March quarter rent for hundreds of businesses on its estate.
It is also exploring investing in some of its tenants to help them evolve their businesses to return to growth post-Covid.
“We have many tenants with exciting ideas to pivot and grow their business, but which require capital to push their strategies forward,” Raynor said.
“By innovating to invest in tenants we’re rewriting what it means to be a landlord – seeking to create partnerships where each is genuinely invested in the others’ success. Through long-term investments, we can help these businesses adapt their strategy and grow.”
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