I'd argue that your new GR1.2 will already have the best bearing lubrication a turntable could ever want - specifically two carefully applied drops of 80w/90 Hypoid gear oil (see below).
Regardless of whether this record deck is new or used, came from a dealer or private seller, you'd do well to first check the oil by lifting off the outer platter, removing the belt, and then raising the inner hub by no more than two centimetres in order to observe whether oil is present on top of the brass bearing housing.
The presence of such indicates that the table has been on its side and/or upside down for more than 20 minutes at a time resulting in precious oil lost. Even pulling the hub/spindle assembly fully out of the bearing bush will cause sufficient loss of oil such that speed stability problems and possibly eventual bearing damage will result.
In which case, regardless of the age of the turntable, the official cleaning/re-oiling method is indicated as follows...
1. Undo hub nut and remove washer. Remove hub/bearing from turntable. As the brass bearing bush is designed to fit tightly in the plinth, gentle tapping on the base of the bearing bush with a plastic hammer may be necessary. (We advise that this is not done in front of the customer!)
2. Slowly withdraw the hub from the brass bearing bush, (if the hub is pulled out quickly the ball bearing may inadvertently be sucked out and lost). Remove ball bearing by turning the bearing bush upside down and tapping sharply.
3. It is important that both the hub spindle and the inside of the bearing bush are cleaned and degreased thoroughly. This is best done using a solvent cleaner containing 1.1.1. trichloroethane which is available from R.S Components Ltd. A small amount of this can be poured into the bearing bush, and with a finger placed over the hole, shaken thoroughly and poured out. To clean the spindle apply the solvent to a piece of lint-free cloth or kitchen paper. Wipe both spindle and the ball bearing with same and replace.
4. Fit the hub back into the bearing bush and spin to check that it is running freely. If its not, return complete assembly to Rega.
5. If all is well, remove hub from bearing bush then tilt the bearing bush and place two drops of Comma Hypoid EP80, Castrol EPX80w/90 or Shell Spirax EP90, as recommended, in the position as illustrated. Do not use more than two drops.
6. With the bush still tilted, slide hub (without twisting) back into bearing bush. This method should ensure a release passage for trapped air.
7. Spin hub to evenly distribute oil and refit into turntable. Replace washer and tighten nut firmly, using an adjustable spanner or Rega tool, to approximately 5Nm, (a full explanation of this torque can be found on Explanation of torque)
It is essential that the recommended oil is used as any other lubricant will break down under pressure, causing wear. It is available from most car accessory shops or from Rega, free of charge.
Degreasing: RS Components stock a solvent cleaner containing 1.1.1. trichloroethane which is suitable for degreasing the hub/bearing assembly and lift lower assembly. Please note warning on solvent tin.
Note 1: The illustration referred to in step 5. above depicts the two drops of oil being introduced into the angled brass bearing bush (aka bearing well) at the very top of the inside wall such that it is allowed to run down the full length of the bearing on one side only.
This is critical as Rega bearings aren't intended to 'pump' oil up the shaft/wall from a pool at the bottom, rather the parts are 'coated' with the minimum amount of thick oil which stays put indefinitely should the bearing be left upright and undisturbed. I've seen 25+ year old Planars with original oil still fully coating the entire bush, ball, and spindle!
Note 2: The full explanation of torque referred to in step 7. above includes a quick equivalent which involves running the nut up the bearing bush until it is finger tight (i.e. stops against the plinth with no more finger pressue than it took to thread it along it length) and then turning it through a further 270 degrees (3/4 turn) using a wrench.
PS. With a bit of care, it is possible to thoroughly clean and re-oil the bearing without removing the brass bearing bush from the plinth as in steps 1. and 2. above. In which case, after removing the ball, you'll want to be careful to use a lint free cloth to thoroughly wipe out the bearing bush with ample solvent such that no lint is left behind (Tip: after thoroughly cleaning and letting dry, use a can of compressed air to blow out any possible fibre residue). Then it is just a matter of tilting the table in order to properly introduce the two drops of oil down one full side of the bearing bush, drop in the ball, and insert the hub/spindle.
PPS. You won't likely find solvent containing Trichloroethane as its been deemed environmentally unsafe, so whatever tin RS has labelled as solvent cleaner these days will do fine.