Grosvenor has joined forces with deposit guarantee platform Insurami to offer deposit-free leasing to tenants.
Off the back of the partnership, the firm will now offer tenants the option of choosing a Deposit Guarantee as security for the lease, rather than a traditional cash deposit.
By paying a small monthly fee instead of locking up cash in a deposit, tenants can save over 95% of upfront deposit costs. Insurami’s Deposit Guarantee pays out to the landlord in the event of a default.
Grosvenor is trialling the offer at its first fully serviced office 25 EP at 25 Eccleston Place, SW1, in Victoria, London.
Charles Howard, Grosvenor’s director of offices, said: “The pandemic has accelerated demand for flexibility from landlords. It’s also tightened cashflow. Our tie-up with Insurami is the latest in a series of innovations to ensure brands choosing Mayfair or Belgravia see how a landlord can be a valuable business partner, not just a provider of space.”
Majed Chaaraoui, chief executive and founder of Insurami (pictured left), added: “It is partnerships with forward-thinking real estate companies like Grosvenor that underline the strength of our Deposit Guarantee product which is setting a new market standard to offer landlords protection whilst enabling tenants to retain capital invested in their business.”
Insurami is working with over 20 landlords from institutional real estate owners to flexible office providers and achieved a record quarter in Q4 2021 with over £5m of referrals through the platform, following its recent £42m capital raise.
For more on Insurami read the EG Interview with chief executive Majed Chaaraoui and head of partnerships Jack Sibley here: The EG Interview: Insurami on its plan to unlock billions tied up in real estate
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