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Varana, a new luxury fashion and accessory brand, snapped up a 10-year lease at 14 Dover St. The seven-storey boutique boasts about 5k SF and will pay an initial rent of £350k/year.
Located on the east side of Dover Street, the boutique will be close to high-end retailers, including Victoria Beckham, Louboutin and Jimmy Choo. According to data from New West End Co and Global Blue, overseas spend by non-EU residents in London’s luxury quarter was up 18% year-on-year in September 2016, with an average transaction value of just under £1k. This was driven in part by the weaker pound.
Savills repped the landlord. Anthony Selwyn, the company’s head of central London retail, noted Dover Street remains one of Mayfair’s top retail destinations. “Whilst we believe rents need to settle to a level that will support growth again after rising dramatically over the last few years, the location continues to attract brands searching for an alternative to Bond Street.”
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