With its world-famous shopping streets, constant footfall and global appeal, Central London remains one of the most desirable locations for businesses seeking a retail presence. Whether you are launching a flagship store, relocating an established brand, or setting up a boutique venture, finding the right retail properties to let in London can be both exciting and challenging.
From prime sites in heritage buildings to thriving neighbourhood high streets, the capital offers an incredible variety of retail spaces. But navigating the market and securing a lease that aligns with your business goals requires a solid understanding of location, property type, lease structure, and local planning rules.
In this guide, we’ll explore the essentials of leasing retail space in London, explain key terms like lease assignments, and highlight current opportunities. If you are considering your next retail move, this overview will help you make informed, confident decisions in one of the world’s most competitive commercial landscapes.
What does leasing retail space in London involve?
Leasing retail property in London involves entering into a legal agreement – the “lease” - that gives you the right to occupy and trade from commercial premises for a set period of time.
Understanding the key terms used in commercial retail leasing can help you avoid unexpected costs and choose a property that fits your long-term plans.
Lease terms explained
Lease – A binding contract between the landlord and tenant, outlining your right to occupy the property, the agreed rent, and the obligations of both parties. Retail leases typically run for between 5 and 15 years, although shorter or more flexible terms can sometimes be negotiated.
Rent – The amount you’ll pay to occupy the property, usually quoted as an annual figure. Rent reviews may apply at agreed intervals.
Service charge – If the property is part of a larger building or estate, the landlord may charge a service fee to cover shared services such as maintenance, cleaning and security. Always review the service charge schedule carefully.
Repair and Insurance (FRI Leases) – Many retail leases are on a full repairing and insuring basis (FRI), meaning the tenant is responsible for keeping the property in good repair and for reimbursing the landlord’s insurance costs.
What’s the difference between ‘to let’ and ‘lease assignment’?
When looking at retail properties to let in London, you may come across two different types of opportunity:
To Let – This means the property is being offered directly by the landlord under a new lease. You’ll agree fresh terms, and the space will usually be vacant and ready for fit-out. This is ideal if you want more flexibility over layout, branding and lease length.
Lease Assignment – This type of commercial retail leasing involves taking over an existing tenant’s lease part-way through its term. The current occupier assigns their lease to you, subject to landlord approval. Lease assignments can sometimes offer better rents or faster occupation, especially if the unit is already fitted out. However, you’ll be bound by the existing lease terms, so it’s essential to understand any limitations or upcoming rent reviews.
Whether you opt for a direct letting or an assignment, professional advice is strongly recommended to ensure the terms align with your operational and financial goals.
Key considerations when leasing retail premises
When securing the right retail properties to let in London, there is more to consider than just the rent. Here are some of the main factors to weigh up as you assess a shortlist of potential spaces:
Location & footfall
Proximity to busy streets, commuter zones, offices or residential areas can have a major impact on passing trade. High footfall areas tend to command higher rents but may deliver better turnover potential. This is especially the case for food, fashion and convenience-led businesses.
Visibility & frontage
A wide, prominent shopfront helps maximise brand exposure. Look for clear glazing, generous signage zones and easy pedestrian access. Corner units or properties near crossings and transport hubs often offer extra visibility.
Transport & accessibility
Being near a London Underground station or well-served bus route can increase footfall. It also benefits staff, and easy access and parking make restocking or deliveries more efficient.
Size & layout
Think practically about your operational needs: do you require storage, kitchen space, or customer seating? Some units include basements or mezzanines, which can offer added flexibility.
Fit-out potential & permissions
While some properties come ready to trade, others may need significant work. Check what alterations are permitted under the lease, and whether landlord or planning approval will be needed for your intended fit-out.
Use class
Most retail properties now fall under Class E, which allows for a wide range of uses including shops, cafés, clinics, and offices. More specialised uses - like hot food takeaways or pubs - are typically sui generis (Latin for "of its own kind") and may require specific consideration in terms of planning consent as they are not automatically subject to permitted development rights.
Featured retail properties to let in London
At Mellersh & Harding we currently have a small but diverse range of retail properties to let in London, including both direct lease opportunities and lease assignments.
Here’s a closer look at what’s available:
29 Pall Mall, St James’s – Traditional Lease (To Let)
Located in the heart of prestigious St James’s, just a short walk from St James’s Square and multiple Underground stations, this ground floor unit can be used for both office and retail/gallery purposes. With a self-contained entrance and excellent visibility on the north side of Pall Mall, the property is ideal for brands seeking a high-profile, West End address.
Learn more…
253 Lavender Hill, Battersea – Lease Assignment
This well-positioned office/retail unit is situated in a prominent location in the heart of Battersea, close to Clapham Junction. Offered by way of a lease assignment, it presents a cost-effective route into a popular area with strong residential and commuter footfall.
Learn more…
53–55 Balham Hill, Clapham South – Lease Assignment
Just a short walk from Clapham South Station on a busy part of Balham Hill, this double-fronted prominent retail unit benefits from excellent footfall and a high street presence. Offered as a lease assignment, the unit is spread over the ground and lower ground floors and features LED lighting, air conditioning, a WC and kitchen facilities.
Learn more…
Looking for retail properties to let in London? Talk to Mellersh & Harding, the London property specialists.
With decades of experience in commercial retail leasing, Mellersh & Harding offer strategic guidance across every stage of the leasing process. Whether you're expanding your portfolio or launching your first store, our team understands the nuances of Central London retail and how to match the right space to your business ambitions.
Demand for quality retail space remains strong, and prime locations are quickly snapped up. If you're exploring options for leasing retail space in London, we recommend acting quickly.
Call us today on 020 7522 8500 or visit mellersh.co.uk to explore the full range of opportunities currently available.
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